NOAA released its 3 month US weather outlook this morning along with a map of potential flood concerns through the Spring. As we’ve previously discussed, large speculators have recently built historically large short positions, setting the stage for potentially significant short covering rallies on new risks to production or shocks to demand. As the calendar turns to April, traders may pay more heed to NOAA’s outlook from this morning.
- May Corn support 369’2, old resistance may be seen near 383’0. Weekly close above 374’6 could signal a seasonal low is in place;
- May Soybeans resistance nearby at 915’2, burdensome balance sheet;
- May SRW Wheat closes in “out of balance/bullish” territory for first time since January;
- Feeder Cattle break out of sideways channel, bullish
- Fed indicates no change to US interest rates for remainder of 2019, long term US Dollar trend line support in jeopardy?
- Crude Oil continues to look strong although short term overbought
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “NOAA Shakes Some Shorts Loose **VIDEO Chart Analysis**” at 03/21/19 03:56:41 PM Central Daylight Time.
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