• Oliver Sloup

Grain Express

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Corn (March)


Fundamentals: Corn futures are rocketing higher, with some headlines late yesterday that would explain the last surge higher. Reuters reported that Argentina will suspend sales of corn for export until February 28th, to ensure they have enough for their domestic needs. Argentina is the third largest corn producer in the world. Will we see a “buy the rumor, sell the news” reaction in the coming days? TBD. This morning’s weekly export sales report showed net sales of 964,500 MT for 2020/2021 were up 48 percent from the previous week, but down 27 percent from the prior 4-week average. The next USDA report is on January 12th.


Technicals: Corn futures are in position to achieve another higher close as we wind down 2020. If we close in positive territory today, it will mark the 14th straight day of higher closes, unprecedented. The RSI (Relative Strength Index) is at 85, extremely overbought. The path of least resistance has been and is still higher, but with each surge higher, there is more downside risk. Our near-term bias remains........Click this link to read the FULL report and receive our daily commentary

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Soybeans (March)


Fundamentals: March soybean futures manage to recover losses, stemming from a resolution to the three-week port strike in Argentina. As mentioned in yesterday’s report, SOMU, the union of Argentine Marine Workers confirmed that it called for a strike, demanding increase wages. This could affect tugboats that help ships navigate around the ports. This likely helped keep some support in the market. Money flow in grains have been powerful, how long that will continue is the gazillion dollar question. Ending stocks are still tight, which is certainly the foundation of this bull market. As mentioned previously, the market is searching for prices that start to ration demand. The next USDA report is on January 12th. This morning’s weekly export sales report showed net sales of 695,400 MT for 2020/2021 were up 97 percent from the previous week and 25 percent from the prior 4-week average.


Technicals: The overnight/early morning price action continues to be strong, posting new contract highs (again), and trading as much as 74 ½ cents off the lows from….*checks notes*….Tuesday. For the last week we have talked about finding meaningful technical resistance in uncharted territory being a fool’s errand and now you see why. In a market environment like this........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (March)


Fundamentals: This morning’s weekly export sales report showed Net sales of 520,600 metric tons (MT) for 2020/2021 were up 32 percent from the previous week and 4 percent from the prior 4-week average.


Technicals: Chicago wheat futures finally joined the grain-train yesterday, making new contract highs yesterday, taking us to uncharted territory. Fundamentally the market seems pricey, but money flow has been strong in the grain complex and you cannot rule out the possibility of........Click this link to read the FULL report and receive our daily commentary

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