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Corn “C” – mini “ZC” – (May)
Coverage for March 29
Wednesday's firm open suddenly became a source of cash that reversed prices back down to Monday's low. Thursday's opening range needs to be under 386 or quickly reverse back under 386 to avoid letting buyers gain traction for a Double Bottom. The stop has been lowered to 390.
(Basis May) Short under 419 (reinstated 3/26) for
388 (met 3/26) and 370-3/4 targets,
390 stop
Wheat “W” – mini “YW”(May)
Coverage for March 29
The decline needed to resume with a bang in order to avoid another corrective bounce. Wednesday's open actually gapped up, but general market weakness erased the gain. Probes of negative territory were recovered, so sellers didn't gain any new traction, but the stop has been lowered to 459.
(Basis May) Short under 459 (met 3/26) for
435 and 423 targets,
459 stop
Soybeans “S”- mini “ZS” (May)
Coverage for March 29
Tuesday's repeated tests of the 759 stop didn't break higher. Not until Wednesday's open gapped up to test Monday's prior high around 765-766. The open's surge improved with a late-afternoon surge that filled the gap back to Friday's 769-1/2 close. Unless there were a close above 779 first, the gap back to Tuesday's close at ~757 should be filled next.
(Basis May) Short under 766 (met 3/26) for
741 target,
759 stop (met 3/28)
Soybean Oil “BO”- mini “ZL” (May)
Coverage for March 29
The recovery of Monday's drop was expected and potential to 33.00 remained alive, helped by Tuesday's mild case of "ineffectual pessimism." Wednesday's open gapped up to new highs and extended higher intraday. The 33.00 target needs to be met on this leg, meaning that pullbacks really aren't allowed without allowing sellers to gain overwhelming traction.
(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 29
A last-hour spike up helped Wednesday's session avoid being an inside day. In fact, it would have been the second consecutive session to develop entirely within the range of Monday's last hour. The late spike triggered the stop on the way to retesting Monday's post-open high. So long as 219.50 isn't recovered on a closing basis, a new short-entry parameter will be monitored.
(Basis May) Short under 219.50 (reinstated 3/26) for
215.50 (met 3/16) and 209.50 targets,
216.50 stop (met 3/28)
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