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**” on 01/08/19.
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