MarketEdge AM Comments

Mar 01, 2024

(Phil Knuth)

Good Morning.  Corn futures were lower and soybean futures were higher overnight.  May corn finished the overnight session off a penny, settling at 4.2850.  May soybeans were up 6 ½ cents, settling at 11.4725.  In the outside markets, as of 7:40am:  The US Dollar Index is unchanged, trading at 104.153.  April crude oil is up $1.53, trading at $79.79 per barrel.  Precious metals are lower, except gold.  Industrial metals are mixed.  The Electronic Mini-DJIA is off 17 points, trading at 39,026.  It is a new month, but nothing has changed at all when it comes to grain and oilseed futures markets.  Thankfully, futures appear to have consolidated above recent lows, however, plenty of factors remain that are holding everything back from a meaningful recovery rally.  Soybean futures rebounded nicely overnight after charting new contract lows yesterday.  Hopefully, the enthusiasm displayed overnight can follow through during today’s session.  Lately, it seems that any kind of rebound in the overnight session fails to deliver much during day trading.  Yesterday, the funds bought 1000 contracts of corn, sold 3000 contracts of soybeans, and bought 1000 contracts of wheat.  They are now estimated to be net short 331,585 contracts of corn, net short 146,675 contracts of soybeans, and net short 74,320 contracts of wheat.  This afternoon’s CFTC Commitment of Traders Report will show actual managed money positions as of Tuesday.  From a chart perspective, May corn finds initial support at the overnight low, 4.2750, followed by 4.0875, the contract low charted on Monday, and then the psychological 4.00 level.  Initial resistance is at the one-week high charted yesterday, 4.32, followed by last week’s high charted on Tuesday, 4.34, and then 4.50.  May soybeans find initial support at 11.3725, the overnight low, followed by the new contract low charted yesterday, 11.2850, and then the psychological 11.00 mark.  Initial resistance is at 11.52, the overnight high, followed by this week’s high charted on Tuesday, 11.6150, and then 11.92, last week’s high.  Opening calls are mixed.
Have a great Friday and an even better weekend.

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Mar 05, 2024
Corn and soybean futures were lower overnight.
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Corn and soybean futures were lower overnight.
Feb 28, 2024
Corn and beans pushed higher midweek, while wheat was in the red.