Tomorrow could be a big day for price direction in agricultural commodity markets as the February USDA report is set to deliver a heaping helping of data for traders to process. The usual “calm before the storm” was upset today as European growth forecasts were sharply cut and news broke from Washington that President Trump and Xi would likely “not” meet face to face prior to the scheduled “tariff” deadline of March 1.
Today’s video is intended to give you a few key price levels to be aware of, which could be construed as “tipping points” for potential trend direction.
- USD approaching the top end of its technical trading range after six consecutive days of gains;
- Crude Oil pivoting near 50 day moving average again;
- Wheat spreads correct from overbought territory, find support near old breakout level;
- SRW Wheat and the 100 day moving average;
- Weekly Pennant well defined in corn, longer term sideways channel becomes relevant on potential breakout;
- March Soybeans wedged between key support near $9.00; resistance $9.30
- Bullish cattle chart still intact
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Important Price Levels for Tomorrow’s Report **VIDEO**” on 02/07/19.
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