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NW Iowa | Have to see what Trump tweets, Iran says, and if China and US have a meeting.
Add in the March 31 report...
Right now it's anybody's guess
DTN
Soybeans
Technically, the chart pattern that appears to be setting up is a bear flag chart pattern, which often suggests another major move to the downside. If that should come to fruition, it would suggest prices could move into the $10.75 area. These chart patterns are not foolproof and could go either way, but are something to keep an eye on. A rally and close above the $11.80-$11.82 area would render this chart pattern moot and meaningless. It is awfully tough to rely on any fundamentals and technicals in the middle of the volatile outside forces we are seeing now, but I thought this was worthy of a mention.
Corn
With the all-important March 31 USDA Prospective Plantings and quarterly Grain Stocks reports scheduled for release in eight days, new-crop December corn is the one to watch. December was on an upward run that saw it rally over 50 cents per bushel as U.S. demand continues to overachieve and calls for reduced corn acres at the expense of soybeans circulated.
The conflict in the Middle East has thrown another wrench into the acreage guessing game as fertilizer, natural gas and crude oil prices soared on the heels of the Middle East war and attack on energy. Fuel, fertilizer and transportation costs are much higher than before the conflict began. No one has a clue as to which way this market may be headed. However, a couple of key areas to watch are the double top up near $4.99 and support in the $4.75-$4.80 area. A rise above or close below those areas could signal the next move. Weighing on the market will continue to be the 2.1 billion bushel (bb) ending stocks number, which some feel could climb another 200 to 300 million bushels (mb). The jury is still out on this one.
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