Reminder: First Notice Day for March futures is Thursday. Contact us if you need any assistance understanding the strategies available to you through your brokerage account before you pay to roll physical bushels.
We’ve seen the grain markets weak through last summer/fall delivery and it appears no different for March grain contracts this week. Technically speaking, some potential signs of hope are nearby:
- Wheat contracts have reached extreme oversold territory, but large speculators still far from extreme net short position;
- Front month corn went off the Board at the same price last year, what did it do first two weeks of March? Potential bear channel support at 3.75;
- May soymeal holding key multi-month support near 304.0;
- May Soybeans trend line support intact by a thread, next support area down if it breaks?
- Oats reach extreme oversold, 200 day moving average support;
- Cattle uptrend still intact, cash markets remain strong;
- Weaker USD could help to spur demand; important support level at 95.350.
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “March Delivery Weakness **VIDEO Chart Analysis**” on 02/26/19.
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