March: What the Grain Bulls Needed
Posted: March 1, 2023, 2:12 p.m.
The start of a new month was just what the grain Bulls needed. Corn was lower in the early morning trade but managed to find support near the mid-august lows. Mid-morning, rumors started to float around that China was in the market for US Corn, which attracted bargain buyers into the market through the rest of the session. For the day, May futures were up 5 ½ cents, settling at 635 3/4. The new crop December contract was a half cent weaker settling at 569 ¼. May soybean futures were firm through last nights trade and the early morning hours, this after holding our technical support pocket in the mid 1470’s during yesterday’s session. The market stopped just shy of the psychologically significant $15.00 handle, marking a high of 1498 ¼ before closing at 1494 ¼, that was up 15 ¼ for the day. The new crop November contract was 11 ¾ cents higher, settling at 1359. May wheat futures finished the day at 710, that was 4 ½ cents higher which looks like a blip on the daily chart. We talked about the potential for a short covering rally in the wheat market in yesterday’s market recap and keep that same sentiment today. We’ve noted that the looming Black Sea Grain renewal deadline is approaching, March 18th, and any hot air about discontinuing that could be the spark that ignites the short covering. A break and close below $7.00 would probably start to neutralize our near-term bullish bias.
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