FOR THURSDAY: (3/1) Didn’t get our pullback and hard to chase on a Thursday, which is often lower. Market remains very strong so not sure what to do. When these markets start turning into weather markets, pullbacks are minor and sometimes you have to jump. July wheat looks like a buy at 501 and July beans at 1059 and more ideally at 1048.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (3/1) Trendline support at 1059, with patterns projecting 1082.50. Beans may stall at 1072 and come off. Market is tiring but at most would have a 20-cent pullback that would hold 1048 or 1052 if 1072 comes in first That is the ideal buy at 1048-52 but not sure we’ll see it. Thursday is often lower so we’ll be patient.
FUNDAMENTALS: Forecasts for Argentina remain mostly dry for the next two weeks. USDA updates its forecast for South American production next week and could knock 260 million bushels off its estimate for Argentina.
CYCLES OVERVIEW: Topping into Thursday; lower into Friday.
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