• Oliver Sloup

Grain Express

Corn (March)

Fundamentals: Corn futures were higher in yesterday’s early morning trade but reversed following a natural/bearish USDA report. US carryout was pegged at 1.702 billion bushels, unchanged from last month, but higher than the average analyst estimate of 1.691 billion bushels. World ending stocks came in at 288.96 million tonnes, a notch below the average analyst estimate. This report plays into our recent bias, shorter-term opportunities on both sides of the market, though we are still looking for grind lower.

Technicals: The market has continued to linger near our pivot point, 422 ¼, keeping our technical levels intact from the previous session, we have defined that as ...Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Soybeans (January)

Fundamentals: January soybeans were sharply higher yesterday but reversed following the release of the USDA report, which was not what the Bull camp needed to keep the enthusiasm. The USDA reported US ending stocks at 175 million bushels, above the average analyst estimate of 168 million bushels. Weather in South America may continue to add some support to the market, but if possible, production issues due to dry weather fall short, we could see a deeper correction (corrections happen in bull markets, too).

Techncials: 4-star technical resistance was tested yesterday but managed to hold. We have defined that pocket as 1169-1176. The market then retreated to our pivot pocket; we have defined that as 1152-1154 ¾. As mentioned for the last two weeks, there will be an opportunity for ...Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support: Chicago Wheat (March)

Fundamentals: Wheat futures are continuing to rally on short-covering, following a friendly USDA report. The USDA showed world carryout at 288.96 million tones, below the average estimate and below the 291.43 we saw in November’s report. US carryout came in at 862 million bushels, below the average estimate and below the 877 we saw in November’s report.

Technicals: We gave the sell-side a chance on the rally into the mid-580s, but the inability to defend that resistance pocket early yesterday, moved our bias to outright Neutral. 609 ¾-611 ¾ is our 4-star resistance pocket. If the Bear camp can defend this pocket, we will look to revisit the short side. We don’t like ...Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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