May soybeans remain in a consolidation just under the three highs from December, January, and February 13 right near 1545. Close in support is at 1511 1/2 and 1503 1/4, with 1554 3/4 and 1572 3/4 as next swing targets if the triple highs are taken out.
Read MoreWith the rejection of a sub-$4.00 trade yesterday followed by an exclusively positive trade overnight the consolidation low pattern is given additional credibility as support.
Read MoreWhile we doubt the treasury trade will see a paradigm shift today (from a bullish focus of a Fed inspired recession from higher rates), a shift in focus is possible.
Read MoreApril hogs as of February 8th were holding a premium of 10.23 to the cash market as compared with a premium of 15.13 last year but the 5-year average premium is just 6.00.
Read MoreWhile we will not argue against the potential for further gains today, the actual physical supply impact of a 1 million barrel per day OPEC+ production cut back should ultimately prove minimal as producers have over complied with production cuts throughout the entire restraint agreement.
Read MoreThe short term trend remains down for November soybeans with resistance at 1420, and support at 1388 3/4 and 1365.
Read MoreThe question of slackening energy demand will linger, but in our opinion, tightening supply is going to outpace any losses in consumption
Read MoreWith rain in the forecast for Minnesota and surrounding areas over the next five days, progress could slow dramatically.
Read MoreA positive weekly reversal should lead to early upside follow-through and if energy prices and the Brazilian currency can maintain their strength, the bullish shift in Center-South production can help sugar prices maintain upside momentum.
Read MoreGlobal wheat stocks will decline to six year low. Rare cut to corn yield estimate from slow planting start. US soybean crush seen at record for 2022/23.
Read MoreWe see further short covering gains, with the potential for bargain-hunting gains tomorrow.
Read MoreIf ICE exchange stocks start to consistently decline while export bottlenecks appear to be easing, it would indicate that near-term demand is starting to improve
Read MoreWhile we will not rule out a spike down breakout in bonds and a temporary downside extension in treasury notes and bonds, we suggest aggressive traders begin to speculate on an interim but temporary low!
Read MoreWith some decent rain in the forecast and the extreme overbought condition, the market is vulnerable to a short-term setback.
Read MoreJuly soybean support comes in at 16.67 3/4 and 16.47 1/4, with 17.04 1/2 as near term resistance. A close through resistance would leave 17.63 1/2 as next upside target.
Read MoreWe leave the edge with the bear camp as there are too many negative outside market forces to list!
Read MoreThe weather forecast seems to have taken a more positive tilt, but the technical action suggests some back and fill action may be in order.
Read MoreCoffee continues to find support from production issues in Brazil and Colombia, who combined accounts for more than half of global Arabica production.
Read MoreWhile we would like to see gold and silver buying come alive with sharp sustained gains off classic inflation expectations, we remain very skeptical of that capacity given the rising chorus of Hawkish Fed statements.
Read MoreExcept for Oklahoma, there is not much rain in the 2-week outlook.
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