• Oliver Sloup

Grain Express

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Corn (May)


Fundamentals: Last week’s Commitment of Traders report showed funds were net sellers of 3,431 contracts (7,464 few longs and 4,033 fewer shorts), this drops the net long position to 345,060. Position limits are set to increase in a few weeks, it will be interesting to see how or if this affects things. We have not seen any private export sales since February 12th. The next USDA report is March 9th.


Technicals: May corn futures got shot out of a cannon Sunday night, gaping higher alongside beans, and testing our pivot pocket, 553 ¾-556 ¼. However, over the last several weeks/months we have relearned that we need to take the overnight session with a coarse grain of salt, because those gains have been erased and we are now in negative territory. First support comes in from 536-540, a break and close below this pocket could trigger additional long liquidation and technical selling, the next meaningful support pocket does not come in until 517 ¾-523 ¼.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:

Soybeans (May)


Fundamentals: Friday’s Commitment of Traders report showed funds were net buyers of 10,282 contracts (9,794 longs and 488 from short covering), increasing their net long position to 159,915 contracts. A lot of attention is on harvest in Brazil, they are estimated to be 25% complete. Also, we have not seen any private export soybean sales since January 29th. The next USDA report is March 9th.


Technicals: Soybean futures gaped higher Sunday night but have given back some of those gains and are trading near the lows of the overnight/early morning session. Last week we put a big emphasis on the pocket from 1393 ¼-1400, this was tripped in Friday’s overnight session, but was defended through the floor open, keeping it intact and giving the Bull camp the technical advantage. A break and close below this pocket will neutralize our bias.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Chicago Wheat (May)


Techncials: Chicago wheat futures have been able to defend technical support the last two sessions, 652-656 ½. A break and close below this pocket could lead to another wave lower. With that said, the Bulls have a technical advantage until we see that happen.........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



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