Grains Report - Tuesday, March 9

Overnight News:  

Chart Analysis: Trends in Soybeans are up with objectives of 1460 and 1530 May. Support is at 1433, 1403, and 1368 May, and resistance is at 1465, 1472, and 1484 May. Trends in Soybean Meal are mixed. Support is at 414.00, 405.00, and 395.00 May, and resistance is at 425.00, 434.00, and 442.00 May. Trends in Soybean Oil are up with no objectives. Support is at 5220, 5090, and 5060 May, with resistance at 5320, 5360, and 5390 May.

CANOLA AND PALM OIL        

General Comments: Palm Oil closed sharply higher yesterday on strength in the outside markets. The export news has been good with February exports holding to stronger levels than January. The production of Palm Oil is down in both Malaysia and Indonesia as plantations in both countries are having trouble getting workers into the fields. Wet weather has caused even more delays. The weather is improved and trees seasonally increase production about now. Canola closed higher on ideas of increasing demand, and Canola also got talk of tight supplies due to reduced offers from farmers and reduced production earlier in the year. Worries about South American production are supporting this market.

Overnight News:

Chart Analysis: Trends in Canola are up with objectives of 840.00 and 920.00 May. Support is at 783.00, 769.00, and 748.00 May, with resistance at 802.00, 808.00, and 814.00 May. Trends in Palm Oil are mixed. Support is at 3860, 3810, and 3670 May, with resistance at 3950, 4010, and 4070 May.

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Disclaimer: A Subsidiary of Price Holdings, Inc. – a Diversified Financial Services Firm. Member NIBA, NFA Past results are not necessarily indicative of future results. Investing in ...

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