Futures market commentary for March 18, 2010
By Rick Alexander, ralexander@zaner.com

Spotlight on Meats and Grains. Beef complex is right now, one of the strongest of all the futures markets

GRAINS: 03/18/10. Higher closes yesterday for rough rice, soybeans, soymeal, soyoil, corn, oats, Minneapolis, Kansas City and Chicago wheat again due to the lower dollar which did rally after the grains were closed leading me to believe the the grains will start out lower Wednesday evening. All of the wheat continue to be in downtrends overall with good resistance right overhead. Corn settled higher again but is still working lower overall with 359, basis the May contract, a key price to hold. Corn is now in a resistance area also and still has a gap at 403 in the May contract and, as I've mentioned many times before, throughout history, grains fill over 90% of their gaps sooner or later. Rice closed slightly higher again off of its reversal type action on Monday but still looks to be in a very strong downtrend overall. Oats settled higher and broke out of a bear pennant in the wrong direction meaning the May contract could retrace back to the 230 area. The bean complex settled higher with the beans, meal and oil now in resistance areas. Also, the oil is forming a possible top. BUY SIGNAL FOR SOYOIL. SELL SIGNALS FOR MINNEAPOLIS AND KANSAS CITY WHEAT ALONG WITH ROUGH RICE, OATS, SOYBEANS AND SOYMEAL. CALL FOR DETAILS!

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MEATS: 03/18/10 Higher closes for live and feeder cattle but lower for lean hogs and pork bellies. The cattle made new ontract highs and closes while some feeder cattle contracts made new contract high closes and breaking out of a bull pennant. The beef complex is in one of the strongest uptrends in futures at this time. Hogs and bellies closed lower with the former still in a uptrend but has been losing some steam while the latter is in a DOWN CHANNEL still in a support area. BUY SIGNALS FOR LIVE AND FEEDER CATTLE ALONG WITH LEAN HOGS. CALL FOR DETAILS!

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See the balance of my morning comments, including the Indices, Indices and Energies at my website. For my complete coverage, visit my commentary page at www.markethead.com .