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.
1350 is proving to be a battleground early in the trade for May soybeans. It will be important to watch the close for any indication if 1350 will be resistance to moves higher as we approach the March 30th Planting Intentions report. The daily RSI has bottomed out in the near term, now at 64 after moving down as low as 62 yesterday.
Things to note
Here is a look at Firetip from a moment ago. You can see that buyers have reclaimed 1350 for now, but there are some indications that this soybean market is top heavy in the near term.
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