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Corn “C” – mini “ZC” – (May)
Coverage for March 22
A close back under 399-1/2 Wednesday would have signaled that Tuesday's break was false. But the open was firm and the balance of the session trended higher. The close above 406-1/2 signals that the bounce is extending higher, but a close under 408 would now signal that the decline was resuming with a vengeance.
(Basis May) Short under 419 (met 3/9) for 388 target,404-3/4 (met 3/20) stop
Wheat “W” – mini “YW”(May)
Coverage for March 22
The potential for a bounce to 469 was essentially met at Wednesday's high after trending higher throughout the day. The level wasn't actually touched, so the pattern isn't yet signaling whether a much more substantial downleg is beginning.
(Basis Mar) Short under 543 (10/18) for 515 (10/31) and 482 targets, 505 stop (met 11/22)
Soybeans “S”- mini “ZS” (May)
Coverage for March 22
Wednesday's opening spike up was immediately stopped, but not entirely retraced until a last-minute dip. The balance of the session in between simply ranged sideways in positive territory. A close above Wednesday's high would signal a much more substantial rally has begun.
(Basis Jan) Short under 667 (met 11/10) for609-1/2 and 594-1/2 targets, 661-1/2 stop (met 11/20)
Soybean Oil “BO”- mini “ZL” (May)
Coverage for March 22
Tuesday's close was 1-penny short of signaling that buyers had retaken control. Buyers needed to accelerate the rally's pace to avoid letting sellers gain traction. Wednesday's open got carried away and gapped up sharply, too sharply for buyers to maintain their traction. The morning ranged sideways widely in positive territory, and then a last-minute dip ended the day in negative territory. Wednesday's open was a retest of prior highs, so it need not be retested.
(Basis May) Short under 30.35 (met 2/14) for 27.85 target, 30.65 stop (met 2/21)
Soybean Meal “SM” – mini “ZM” (May)
Coverage for March 22
There was still room to the 223 area before buyers could be expected to do more than hold off sellers. Wednesday's open spiked up to 223 and the balance of the session only ranged sideways back to Tuesday's close. Sellers were patient, so a higher high is likely next, and it is likely to fail.
(Basis May) Short under 219.50 (met 3/14) for 215.50 (met 3/16) and 211 targets, 220 stop (3/20)
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