Corn
Trends
Short Term: Up
Long Term:  Down
Overnight Trade: @7:30 AM

The corn saw impressive gains yesterday and the March contract posted an outside day higher on the chart.  There was also follow through buying overnight and the market reached the highest level since November 10th. Both the 50-day moving average and the 62% retracement of the last leg down lie near the $3.85 area, making that a good upside target.

Wheat
Trends
Short Term: Down
Long Term:  Down
Overnight Trade: Chicago: KC: @7:30 AM

The March KW posted some solid gains yesterday, but it wasn’t quite enough to turn short term technical indicators up. To really encourage short covering we will need to see a move above $4.80 in the March KW. With the grains higher across the board and the Dollar slightly weaker, perhaps such a move is possible today. However, we are still dealing with the fact that we don’t have any bullish fundamentals to work with.

Soybeans
Trends
Short Term: Up
Long Term:  Down
Overnight Trade: @7:30 AM

The March soybeans stalled out at the 50-day moving average yesterday, but are trading above it this morning. If the gains hold, it will give the charts a pretty friendly look. It is interesting to note that the March soybean oil reached the highest level since July and that seems to be supporting the whole soybean complex. Watch the weather in S. America and the new from Washington regarding biofuel tax credits for more bullish news.

Bret Crotts
Schwieterman Marketing, LLC
620-275-4133
888-437-9131
bret@swbell.net