AgriTalk After the Bell regular Cary Artac, Artac Advisory, joined host Chip Flory for an in-depth look at the corn, wheat, soybean, live cattle and crude oil markets today. Artac joins ATB each Monday for a quick update on what he sees as important support and resistance levels on short- and long-term ag charts, but today was an opportunity to dig a little deeper – including an explanation of the “speed lines” Artac refers to on almost a weekly basis.
Perhaps the “most pressing” market action is in soybean futures where Artac wants to see a weekly close above $10.22 ¼ this week to keep upside potential alive. He told Flory, “That level should contain selling pressure through spring, keeping upside potential alive up to 11.22 ¾… in fact, I’m surprised we haven’t seen that move yet. I suspect the tariff-war threats have prevented that from happening. Unfortunately, if we get a weekly close below $10.22 ¼, that would open downside risk to $9.47 ½ in July futures.”