Grain Express


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Corn (March)


Fundamentals: The market is firmer to start a new week of trading but remains within a stone’s throw away from the 550 level, where we have seen prices trade at for eight consecutive sessions. Friday’s Commitment of Traders report showed funds sold 18,869 net contracts through February 2nd, trimming their net long position to 322,309 contracts. Attention has shifted to tomorrow’s WASDE report, out at 11:00 AM CT. Ending stocks have been the hot topic and will be monitored closely, those estimates range from 1.108-1.502 billion bushels. This compares to the 1.552 we saw in January.


Technicals: That market seems to be tethered to the 550 level, trading that price for eight consecutive sessions. We would not be surprised to see this consolidation continue ahead of tomorrow’s USDA/WASDE report. First support remains intact from 536 ½-541 ½. A break and close below that pocket could spur additional long liquidation. There is not a lot of significant.........Click this link to read the FULL report and receive our daily commentary

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Soybeans (March)


Fundamentals: Soybeans are trading higher in the early morning trade as market participants await tomorrow’s WASDE report, out at 11:00 AM CT. Ending stocks will be a big focus, analyst estimates range from 102-140 million bushels, the average estimate is 119 million bushels. This compares to the 140 million bushels we saw in January. Friday’s Commitment of Traders report showed funds did little adjusting, which can be reflected by the consolidation on the chart. Funds were net buyers of 136 contracts through February 2nd, increasing their net long position to 148,247 net contracts.


Technicals: With the market in consolidation mode, not much has changed on the technical landscape. Our support and resistance pockets remain intact, 1333 ½-1335 ½ and 1285-1388 ¾. A conviction break above or below these pockets could spark a.........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

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Chicago Wheat (March)


Techncials: Chicago wheat futures are trading higher in the early morning trade, along side the broader grain complex. Our bias is at Neutral/Bearish aka cautiously pessimistic. Last week’s pivot pocket remains intact, we have defined that as 656 ½-659. A conviction breakout above this pocket would move us to outright Neutral and would probably give the Bulls some good momentum to.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



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