morning headlines
Argentina is facing severe heat and drought conditions, which pose a serious risk to crop yields. As the world’s largest exporter of soybean meal and oil, and the third-largest corn supplier, this could be significant. With temperatures nearing 104°F (40°C), the agricultural areas are in urgent need of rainfall, yet substantial relief isn’t anticipated until February. As reported by the Buenos Aires Grain Exchange, planting is nearly finished, with 93.1% of corn and 96.2% of soybean fields already sown, while the drought persists.
The U.S. dollar remains close to a four-year low reached earlier this week.
Since January 20, the dollar has decreased about 3% against a range of major currencies, partly due to investor concerns over President Donald Trump’s actions regarding Greenland and other domestic policies.
corn
Technical (March)
Corn futures were remarkably calm yesterday. The market retraced to Friday’s breakout point, establishing a pivot pocket between 425-427 (yesterday’s low was 426). The key level to watch now is 431 1/2-432, which is both the week-to-date high and the 20-day moving average. Should the price break above this, we could see a retest of the WASDE breakdown, potentially leading to a pullback towards the significant moving average cluster between 439 1/4 and 442 3/4.
Level of technical importance
resistance: Unlock major levels. Sign up for free. Link below!
Pivot: ___________________________________
support: ____________________________
soy
Technical (March)
Yesterday, soybean futures successfully maintained the 20-day moving average and closed close to the trading high. This momentum continued into overnight and early morning trading, where prices reached new highs. The next target on the upside appears to be 1082-1085, and beyond that, the $11 mark could become significant, both technically and psychologically.
Level of technical importance
resistance: Unlock major levels. Sign up for free. Link below!
pivot:________________________________
support:______________________________
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