• Oliver Sloup

Grain Express

Corn (March)


Fundamentals: Corn futures marked new contract highs during yesterday’s session but are trading roughly 12 cents off those highs in the early morning trade. StoneX, previously known as FCStone put out some baseline estimates for the 2021/2022 season. Their estimates are as follows: Yield 182 Bushels/Acre. Acres: 96 million. Production: 16.1 Billion Bushels. Carryout: 2.159 Billion Bushels. Another thing we are watching and mentioned in our interview with RFD-TV yesterday morning is the recent strength in the USD. If the Dollar continues to firm up, we could see that act as a headwind for commodities. Yesterday’s weekly export inspections came in at 1,105,000 metric tons, within the range of expectations. There were two flash-sales reported yesterday: 125,730 metric tons to Mexico and 110,000 metric tons to Japan.


Techncials: Previous resistance now becomes support, which comes in from 536 ½-541 ½. A failure to defend this pocket would likely move our bias into bearish territory. A break and close below this pocket could lead to additional long liquidation and a retracement to our next support pocket 517 ¼-522 ¼. Resistance today comes in from 552 ½-555 ¾, above that is “uncharted territory”.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (March)


Fundamentals: March soybean futures have been consolidating for the better part of the last week as it seems the enthusiasm has stalled out, which could spark some profit-taking. Weekly export inspections yesterday morning came in at 1,792,000 metric tons, within the range of expectations. There was a flash-sale of 133,000 metric tons of soybean meal to the Philippines.


Technicals: The must hold line in the sand for the Bull camp this morning comes in from 1333 ½-1335 ½. If the Bulls fail to defend this pocket, we will likely be shifting our near-term bias from Neutral to Bearish/Neutral. A break and close below could spur another wave of long liquidation, potentially taking us back to our 4-star support pocket, 1292-1301. This 4-star pocket is an inflection point, a breakdown below here would likely shift market sentiment.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (March)


Tehcnials: A head and shoulders pattern looks to be forming which would be bearish for wheat futures. The Bear camp needs to defend the pivot pocket today, which comes in from 656 ½-659, so long as they can do this, they have a technical advantage. Support comes in from 624-628 ¾. As mentioned in yesterday’s interview with RFD-TV; if the USD continues to strengthen this will largely be a headwind for wheat futures.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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