The daily charts look a lot like they did on Tuesday, as traders appear hesitant for the time being to break out one way or the other.
This beginner tutorial webinar focuses on how to locate trades using TAS MarketProfile Tools that are included in the MDA premium Bundle. With your Daniels Trading account, you can use these tools on our dt Pro platform! This tutorial focuses on the dt Pro platform and how to build charts using 3rd party TAS indicators.
Informa came out with estimated acres and pegged soybeans at 86.2mm and corn at 91.5mm. Based on the conversations I’ve had with farmers since the new year I tend to agree with these numbers. 91.5mm acres and 178 trend line yield keeps corn under 2.0 billion carryout, which I think is neutral. It can be bullish with more export demand and spring planting/summer weather issues. 86.2mm for soybeans with a 50 trend line yield puts new crop ending stocks around 600. Not great. That is already factoring in the 5mm mt of new Chinese demand. However, if a US/China deal gets done and China buys another 5mm mt of old crop, then ending stocks for beans are between 450 and 500mm with a trend line yield. That at least has some potential for soybeans to rally in the spring and summer with weather issues. We could even see $10 for new crop under the right conditions.
In the race to be the first to report a story, we’ve seen several media outlets erroneously report on the China/US trade situation recently.
On Tuesday the 15th we went SHORT this market at 75.60 after the 50% retracement level turned this market away.
In a trade that seems like it has taken forever to get going, we finally might be onto something here in March 2019 Silver. The RSI NAILED IT!!!
“Buying the rumor” was prevalent again today in the grain/oilseed markets, particularly in the 11:00-12:30 CST time frame.
Sampling from Sr. Broker Drew Rathgeber’s latest market overview regarding the Euro, DowJones, Emini S&P, Silver, Crude Oil.
The four month trend line support gave out in nearby corn futures today, likely triggering sell stops and encouraging some of the estimated net long 90,000 “managed money” futures and options traders to seek an exit over the short term.
In this week’s podcast we go over our thoughts on the stock market and why it tends to have a bullish bias over time. We talk about the range bound nature in crude oil and why we might be seeing some “buy the rumor, sell the fact” in Natural Gas next week. We dive into why cocoa and sugar might be bearish while coffee has more potential as a bull market. Then we wrap up with why we need corn to gain on soybeans for new acres and what to look for in hogs and cattle. Make sure you take a listen to Turner’s Take podcast!