100 Day MA Holds, Sideways Trade Moving Towards Thursday
Feb 07, 2012
The grains are trading mostly unchanged this morning, at the time of this post we see corn down 2 1/2, soybeans down 1 1/4, and Chicago wheat down 1. We have really seen volume taper off in the last three trade sessions as traders wait to see the data from Thursday's WASDE report. We are looking for a neutral to bullish report, but the January 12 report confirmed that it is anybody’s guess.
From a technical standpoint, we have completed a near 100% retracement of the sell-off on January 12th, and we see the 100 day moving average providing support in the last several trade sessions. These technical levels won't stand in the way of a bearish report tomorrow, but they are interesting to look at as we move towards planting.
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