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CORN (May)

May corn futures failed to hold ground during yesterdays despite yesterdays USDA outlook conference suggesting that corn acres would be a touch less than expected. With this forum behind us, market participants will have to wait for the March WASDE report to get new fundamental news; that report is on March 9th. On the technical side of things, the market is testing the 200 day moving average and previous support which comes in from 370-372 . We feel that this is a good opportunity to add back long exposure as it offers good value in our opinion; price is what you pay and value is what you get. Keep in mind that it is option expiration for March options and that could keep a lid on any serious buying, there is a lot of open interest for in the money 360 calls and a large amount of open interest at that strike for puts, this could act as a target for the close (March futures).

Resistance-380 **, 387 **, 393 ***,

Support-370**,366**, 361 ***


Soybean futures took the brunt of the pressure in the grain markets yesterday after the USDA forum suggested that we could see acres at 88 million, slightly higher than what some had been looking for. With this forum behind us, market participants will have to wait for the March WASDE report to get new fundamental news; that report is on March 9th. On the technical side of things, the market held 1020 yesterday which was trend line support from September, as well as the 200 day moving average. We feel this area offers good value on the first test. It is expiration day for March options and there are 21,551 open in the money puts at 1020, this could help support the market and might be a market target for the close (for March futures which would spill over into other months).

Resistance- 1031***, 1038**, 1059 -1063**, 1078 -1081***

Support-1020 ****, 999 -1000 **


May wheat futures are testing the bottom end of the range this morning after seeing pressure during yesterdays session. Much of yesterdays weakness came on the back of pressure in corn and beans but we are coming back into a spot that might start to offer good value. The 20 day moving average comes in at 449 which is the first line in the sand but there is more significant support near 445 which represents trend line support from the December lows at 406. As with corn and beans, we are watching option expiration closely. There are over 10,000 in the money calls at 430 and about 10,000 puts at the same strike; this could act as a magnet going into todays close.

Resistance-461-463 **, 472 **, 480 **, 493***

Support-445-449 ***, 434 -437**, 421-425**

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Oliver Sloup
t 800-416-5373 // d 312-244-3781// f 800-359-8913

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources iiTrader believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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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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