May Wheat 70 to 75 cents higher (limit up)
May Corn Steady to 2 lower
May Beans 4 to 6 lower
The weekly chart showed corn tested last May's high of $7.76½ and failed to close limit-up at $7.78½ today after trading there for half the session. The 2021 and today's contract high, within two cents of each other but 10 months apart is a Double Top. Take a look at the chart to see what oats did after making a double top in February:
Nothing is 100% in this business, if it was, we all would be rich. but that weak settlement price 33¼ cents off the high and the double top on the corn chart are not bullish, in fact, they are bearish. On the bullish side, May corn did settled up 22¾ today and strong wheat is supportive for corn.
The May corn support is $6.90.
Soybeans remained range bound for the third day in a row. I am looking at the $16.28 to $16.13 area as support.
Considering the USDA S&D will be released March 9th (Wednesday), I am thinking we will be range bound tomorrow and maybe through next Tuesday, depending on weekend developments in Ukraine.
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