Tom Dosdall

With USDA scheduled to release a big trove of data on Friday, is there some kind of message to read in this price action? We’ll take a closer look in today’s video

Take a fresh look at your current marketing positions in advance of a big dump of USDA and CFTC data hitting the market in the days ahead.

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.

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.

“Buying the rumor” was prevalent again today in the grain/oilseed markets, particularly in the 11:00-12:30 CST time frame.

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 last week’s video, we were talking about price charts for corn, soybeans, and wheat all holding support. So far this week, the shoe is on the other foot, it’s all about holding previous resistance.

Several of the markets we track closely are “holding the line” as trading commences for 2019, despite the lack of government data from USDA due to the partial government shutdown.