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CORN (March)

March corn futures saw a softer trade yesterday despite stronger than expected export sales. Some of the weakness came on the back of pressure in the beans and a stronger US dollar. We will continue to watch developments in South America closely as weather is on the radar of most, if not all market participants radar. Outside of weather, technicals continue to be a driver in price action. The market found good support this week near 361 which was previous resistance, that pocket also contains the 20 day moving average and trend line support from the December 23rd lows. The market continues to look favorable with higher highs and higher lows being made, the bulls really need to see a close out above technical resistance from 371-374, if the bulls can achieve this we could see another 15 cents to the upside over the intermediate term.

Resistance-371-374***, 389****,401-404 **

Support-360 -361**, 354 -355 ****,341 ***


Soybeans marked their sixth consecutive close lower yesterday which seems bearish at first glance, but the 30 cent pull back is just a small piece of the rally it gained in the previous sessions. The fact that the market has not completely fallen apart after a big move higher seems moderately bullish for the time being. Good technical support comes in from 1033 -1036 going forward, but 1050 will be the level to watch today with that being the strike of interest with February options expiring at the close. From the fundamental side of things, weather continues to offer some concern/uncertainty about things in South America. This is very typical for this time of year, in fact, May corn has rallied an average of 50 cents 13 of the last 15 years from January 28th – March 4th because of these seasonal concerns.

Resistance-1059 **, 1078 -1081***, 1096 -1101***, 1115**

Support-1033 -1036****,1022 -1025**, 1012 **, 992-993**

WHEAT (March)

March wheat futures are continuing to consolidate between technical resistance at 434 (Fibonacci retracement/November highs) and the 100 day moving average at 421. The market has been constructive, marking higher lows, but the bulls need to see higher highs to get additional momentum for another leg higher. If the market can achieve higher highs in the near future, we could see another 20 cents tacked on to prices. With that said, risk still needs to be managed to the downside. We continue to watch the USD very closely, wheat will likely see a bigger correlation to the USD than corn or beans.

Resistance-434 **, 437-438 **, 445 ****, 461-462 **

Support-421***, 412-415 **, 407**, 400**

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About the author

About Oliver Sloup:

Oliver is the agricultural specialist at iiTRADER in Chicago and works with a wide variety of cliental; from hedgers to speculators (both self-directed and broker assist). Oliver started his trading career at Lind-Waldock/MF Global; there he worked with both hedgers and speculators in several different markets but primarily focused on the grains. He is originally from Nebraska where he learned a lot about the markets and the industry itself; he grew up helping run a family farm business that employs several hundred people through much of central Nebraska. Oliver uses both technical and fundamental analysis when analyzing daily and long term market trends.

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