FOR FRIDAY: (3/2) We do sense a completion of bullish grain energy by Sunday or early Monday and then a pullback for at least 5-6 days. Still, this market keeps galloping and July wheat projects 544 and July beans a 1082.50 or 1088, and July corn could get pulled up to 400. Time and price targets may be complete by Monday.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (3/2) Trendline support at 1059 held last night but we didn’t have orders out. Resistance up to 1082.50 and 1088 not sure the market can blow through there so quickly. Support down to 1063. If new forecasts show up by Monday, we may see a temporary top.
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 by Sunday.
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