Wednesday, March 27, 2013

Grain markets for tomorrow

Tomorrow is the all important grains report at 9 am PST.

Key levels for the grains, wait for them to be taken out before putting on trades.

Corn has key support at 720 and 710, so I'd wait for atleast 720 to be taken out of it starts to roll on the downside.

Soybeans, 1450 resistance has now become support, I suppose. Under 1400, we see much lower prices for soybeans. If we go up, we start bringing up last year's levels.

Bean oil, my favorite to trade is already breaking support tonight and I'm not happy about it. I wanted to be short it tomorrow, lets see how it plays out. 50.70 and 50 are key levels.

Cotton also has a plantation report, so watch out for that as well. 

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