News

Morning Commentary

March corn down 1 ½ at $3.84

Jan beans down 4 at $9.1275

The DOW is up

USD is stronger

Crude oil down $.99 at $51.62

Good morning,

There is not much in the news today, everybody is waiting to see the WASDE report tomorrow on US carryout numbers.  The short term trend is slightly positive.  Setbacks that hold 378 keeps the market poised to test 390.5.  A close under 374 provides fresh downside targets.  Long, system types are risking 378. 

The short term trend for beans is bullish.  Closing over 924.5 would suggest a run to the low to mid-940 area.  Setbacks that hold 906.25-896.5 should maintain up trending action.  A close under 882.25 voids the outlook.  Long, system types are risking 895.  Trade negotiators are asking grain companies if China has purchased any US beans.  I don’t think purchasing is what matters, it’s going to be proving that they actually shipped and unloaded at a Chinese port.

 

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