In last week’s video, we were talking about price charts for corn, soybeans, and wheat all holding support. So far this week, the shoe is on the other foot, it’s all about holding previous resistance:
- March Corn at the upper edge of the long term pennant, range continues to tighten;
- March Soybeans turn away from 200 day moving average and near 7-month highs;
- July vs Nov Soybean spread weakens;
- Since September, July Wheat has been a “sell” when the market reaches the 50 day moving average, does the trend continue?
- Outside markets (DOW, Crude Oil, Natural Gas) regain footing after bottoming near Christmas, weaker USD;
- Rough Rice builds premium as China opens up to US imports for first time ever;
- Feb Cattle close on contract highs for the year two days after breaking the bull channel to the downside;
- Summer/Fall Class III Milk beginning to correct.
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Trading Ranges Hold Without USDA Data **VIDEO**” at 01/08/19 03:38:12 PM Central Standard Time.
Try Technical Ag Knowledge for 60 Days
Technical Ag Knowledge Trial - Whether you’re a producer, end user, or trader in the agricultural commodity markets, “Technical Ag Knowledge” will provide you with a crucial awareness of key technical price levels each week so you can manage your positions with conviction and confidence.
Technical Ag Knowledge includes an email newsletter subscription.
Technical Ag Knowledge trial lasts 60 days.
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.