Looking Ahead to Wednesday by reflecting back on Tuesday's trading
Buy signal in Rice; New contract High for Hog futures
GRAINS: 04/07/10 Higher settlement Tuesday for corn, rough rice, Minneapolis, Kansas City and Chicago wheat along with oats, soybeans, soymeal and soyoil. All of the wheat had large ranges settling higher in the end but still are in strong downtrends overall. Looking at the May contracts Minneapolis has resistance over 510 while KC and Chicago have resistance over 490. Corn settled higher again but has been trending lower since February. Oats settled higher still in a BEAR PENNANT OR TRIANGLE with a DOUBLE BOTTOM at contract lows. Rice also settled again but this time giving me a BUY SIGNAL with its highest high and close since March 10th. The bean complex closed higher but no changes technically for the beans and meal continuing to be neutral for me with the beans in a 925-975 trading range since the beginning of February. Oil had a large range but closing strong with its highest high and close since March 15th. There is resistance over 4000 basis the May contract and now could be turning back up. Still this market is neutral like the rest of the bean complex. BUY SIGNAL FOR ROUGH RICE. SELL SIGNALS FOR MINNEAPOLIS , KANSAS CITY AND CHICAGO WHEAT ALONG , CORN AND OATS. CALL FOR DETAILS!
MEATS: 04/07/10 Lower closes for live and feeder cattle along with lean hogs and pork bellies. The cattle and feeders made new recent highs while the hogs made new CONTRACT HIGHS before settling lower in reversal type action. However, all of the meats are still in strong uptrends overall. Bellies close sharply lower ending just above the daily 300 point limit but still holding its uptrend line. BUY SIGNALS FOR LIVE AND FEEDER CATTLE ALONG WITH LEAN HOGS. CALL FOR DETAILS!