The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
Grains sold off sharply in today's action with corn down 10, soybeans down 33 3/4, and Chicago wheat holding its ground, down just 2 1/2 cents.
This afternoon we take a look at chart landscape for March corn futures. You can see that the 100 day moving average (MA) is providing substantial overhead resistance in recent days. We have traded at or above the 100 MA six times in recent weeks, but the last time this contract printed a close above its 100 day MA was all the way back in late September. Look for the 100 day MA to provide resistance to the upside, but another strong export sales report on Thursday and dry conditions in South America could push this market higher.
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