We are strongly encouraging clients to take a fresh look at their current marketing positions in advance of a big dump of USDA and CFTC data hitting the market in the days ahead. In addition to getting caught up on export sales, commitments of traders, two months worth of WASDE, final 2018 crop production/yield, and quarterly stocks, we also have the uncertainty surrounding this week’s high level trade talks between the US and China in Washington.
Let’s take a look at how markets are shaping up on the charts:
- DOW futures push up to 100/200 day moving average following Fed announcing they are going to be “patient” on further rate hikes in 2019;
- March corn testing the upper resistance line of the pennant (again), close above 3.85 could be viewed as technically bullish;
- March soybeans post “hanging man” candlestick on Monday, approach 9.30/bu for fourth time since August, opportunity for new sales/hedges;
- March Wheat gets demand near 5.00/bu, sell target at 100 day MA
- Cattle uptrend still intact
- Rice, Oats pivot around major moving averages and RSI?
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “USDA Data Coming **VIDEO Chart Analysis**” on 01/30/19.
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