• Oliver Sloup

Grain Express

*USDA Outlook Forum, Feb 18th-19th.

Thursday will cover acres with S&D covered on Friday. This will likely garner more attention than usual.

*Export Sales will be released on Friday.


Corn (March)


Fundamentals: Corn futures ripped higher yesterday with some spillover momentum coming for the wheat market. Weekly export inspections came in at 1,322,000 metric tons, within the range of estimates. The Safrinha crop in Mato Grosso is 21% planted, the slowest pace in more than five years. Private estimates for corn acres are coming in and range from 91.5-96 million acres.


Technicals: Corn futures accelerated higher yesterday which led to some follow-through momentum in the overnight session, that has dissipated in the early morning trade. Our first resistance pocket was tested overnight and has so far been defended, we have defined that as 553 ¾-556 ¼. If the Bulls are able to chew through this pocket and achieve a conviction close above here, we could see a run back towards the contract highs, 574 ¼.

.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (March)


Fundamentals: Soybeans saw some good action Sunday night but fizzled during yesterday’s normal trading session. NOPA crush came in at 184.654 million bushels, the second-highest month ever and 4% above the previous highest January reading. Harvest in Mato Grosso is estimated to be 22% complete, well behind the average pace, 58%.


Technicals: March soybean futures are hovering in our pivot pocket; we have had that defined as 1385-1388 ¾. The Bulls want to see a conviction close above this pocket to keep the momentum in their court and to have a chance at reclaiming the psychologically significant $14.00 handle. A failure to breakout could drop us back into the low end of the recent trading range, 1333 ½-1335 ½.

.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Chicago Wheat (March)


Technicals: Wheat futures managed to achieve a close above our pivot pocket, albeit very narrowly. Consecutive closes above the pivot could spur a bigger rally. With that said, yesterday’s momentum and weather premium is getting sucked out in the early morning trade and if the Bulls fail to find their footing today, we could see prices back at the low end of the range 624-628 ¾.

.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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