FOR FRIDAY: (2/23) USDA opened its annual Agricultural Outlook Forum with some 2018 grain acre projections, which includes slightly lower corn and soybean acres this year, with wheat acres an estimated 500,000 acres higher than 2017. No major curveballs were thrown, allowing traders to make small technical adjustments on other market factors. Cycles for grains seem positive on Friday and may peak on Sunday night or early Monday. We need new bullish weather forecasts over the weekend to create a breakout on beans and pull the rest of the complex higher.
MARCH CORN (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (2/23) Three waves down projects 362.75, and that didn’t quite come in. Much below 360 and a minor sell signal will get generated. Open to 372 if beans can make another dash above 1040 and pull corn up.
CYCLES OVERVIEW: Higher into Sunday.