Grain traders: Are you prepared for the Jan. 12 WASDE report?
Last week, March soybeans opened the week at 13.96 and closed the week at 13.65. Technically, OI dropped and ADX showed a strong trend, but it is weakening. MACD crossed down below the signal line. Stochastics have corrected out of overbought territory and are bearish. The commercials went from a 52-week extreme low of -203,215 net short contracts last week to -192,117 net short this week.
In March corn, the market opened last week at 6.26¼ and closed the week at 5.95. We have rising OI and ADX is showing a strong trend that is weakening. Like beans, MACD has crossed down and stochastics corrected out of overbought territory and are now bearish. The commercials last week were in a 52-week extreme net short position of -394,553 contracts; this week they were net short -366,819 contracts.
March wheat opened last week at 7.93½ and closed the week at 7.74. In technicals, we had a slight decrease in OI and ADX is showing no/weak trend. MACD crossed down and stochastic are midrange and bearish. Commercials went from -11,689 net short to -11,350 net short this past week.
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