Grain & Cotton Express
(Yesterday's 9:45am CT interview with RFD-TV)
Fundamentals: Outside markets continued to stabilize in yesterday’s session which lent a hand to commodity markets, including corn. Last week we also noted that first-notice/delivery can often mark a near term low in the market, this is holding true again this time around for the March contract. Though we are not 100% sold that a low is in, we did mention upside calls being a good risk/reward play at these levels, in yesterday’s interview with RFD-TV.
Technicals: The bulls managed to eek out a close above 370-374 ¾, a pocket that signifies an inflection point in our opinion. This was previously significant support, if the bulls can achieve consecutive closes above this pocket, we could see that spark additional short covering towards....Sign up to get the FULL report emailed to you!
Fundamentals: Soybean futures managed to gain ground alongside many of the global markets in yesterday’s session, closing right near the psychologically and technically significant $9.00 handle. Optimism surrounding future demand from China continues to pick up, but we will want to see that confirmed through weekly export data.
Technicals: May soybean futures traded into our first resistance pocket, 898 ¼-900. If the bulls can defend this going forward, we could see an extension towards....Sign up to get the FULL report emailed to you!
Chicago Wheat (May)
Technicals: May wheat futures were mixed yesterday, failing to gain ground above our technical resistance pocket from 523-528 ½. This pocket represents the 50% retracement, the 200 day moving average, and the breakdown point from last week. If the bulls can achieve consecutive closes above here, perhaps we see additional relief into....Sign up to get the FULL report emailed to you!
Kansas City Wheat (May)
Technicals: KC wheat futures continued to rally yesterday, narrowing the spread against Chicago, which we believe could continue in the near term. First resistance today comes in from 463-468, this pocket represents the 100 and 200 day moving average, along with previous support and the breakdown point from February 24th. Consecutive closes above here would....Sign up to get the FULL report emailed to you!
Technicals: Cotton futures managed to stabilize along side the outside markets, spilling into some moderate strength in the overnight/early morning trade. The bears are in clear control, but if the outside markets continue stabilize, we could see relief in cotton futures. Previous support now becomes resistance, that comes in from....Sign up to get the FULL report emailed to you!
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