KEY EVENTS TO WATCH FOR:
Monday, January 13, 2020
10:00 AM ET. December Employment Trends Index
ETI (previous 110.18)
ETI, Y/Y%
Tuesday, January 14, 2020
6:00 AM ET. December NFIB Index of Small Business Optimism
Small Business Idx (previous 104.7)
7:45 AM ET. The Retail Economist/Goldman Sachs Weekly Chain Store Sales Index
Chain Store Sales, W/W% (previous -0.8%)
Chain Store Sales, M/M% (previous +3.5%)
8:30 AM ET. December Real Earnings
8:30 AM ET. December CPI
CPI, M/M% (previous +0.3%)
Core CPI, M/M% (previous +0.2%)
Energy Idx, M/M% (previous +0.8%)
Food Idx, M/M% (previous +0.1%)
Real Avg Wkly Pay-Infla Adj, M/M% (previous +0%)
CPI, Y/Y% (previous +2.1%)
Core Annual, Y/Y% (previous +2.3%)
8:55 AM ET. Johnson Redbook Retail Sales Index
Ret Sales Mo-to-Date, M/M% (previous -2.6%)
Ret Sales Mo-to-Date, Y/Y% (previous +6.1%)
Latest Wk, Y/Y% (previous +7.2%)
9:00 AM ET. SEC Asset Management Advisory Committee Meeting
10:00 AM ET. January IBD/TIPP Economic Optimism Index
Economic Optimism Idx (previous 57.0)
6-Mo Economic Outlook (previous 53.0)
4:30 PM ET. API Weekly Statistical Bulletin
Crude Stocks, Net Chg (Bbls) (previous -5.9M)
Gasoline Stocks, Net Chg (Bbls) (previous +6.7M)
Distillate Stocks, Net Chg (Bbls) (previous +6.4M)
Wednesday, January 15, 2020
7:00 AM ET. MBA Weekly Mortgage Applications Survey
Composite Idx (previous 415.4)
Composite Idx, W/W% (previous +13.5%)
Purchase Idx-SA (previous 255.6)
Purchase Idx-SA, W/W% (previous +3.0%)
Refinance Idx (previous 1375.0)
Refinance Idx, W/W% (previous -26.0%)
8:30 AM ET. January Empire State Manufacturing Survey
Mfg Idx (previous 3.5)
Employment Idx (previous 10.4)
New Orders Idx (previous 2.6)
Prices Received (previous 4.3)
8:30 AM ET. December PPI
PPI, M/M% (previous +0%)
Ex-Food & Energy PPI, M/M% (previous -0.2%)
Personal Consumption (previous +0%)
10:00 AM ET. December Online Help Wanted Index
10:30 AM ET. EIA Weekly Petroleum Status Report
Crude Oil Stocks (Bbl) (previous 431.06M)
Crude Oil Stocks, Net Chg (Bbl) (previous +1.164M)
Gasoline Stocks (Bbl) (previous 251.609M)
Gasoline Stocks, Net Chg (Bbl) (previous +9.137M)
Distillate Stocks (Bbl) (previous 139.05M)
Distillate Stocks, Net Chg (Bbl) (previous +5.33M)
Refinery Usage (previous 93.0%)
Total Prod Supplied (Bbl/day) (previous 19.351M)
Total Prod Supplied, Net Chg (Bbl/day) (previous -0.571M)
2:00 PM ET. U.S. Federal Reserve Beige Book
Thursday, January 16, 2020
8:30 AM ET. January Philadelphia Fed Business Outlook Survey
Business Activity (previous 0.3)
Prices Paid (previous 19.0)
Employment (previous 17.8)
New Orders (previous 9.4)
Prices Received (previous 11.9)
Delivery Times (previous 10.6)
Inventories (previous 6.1)
Shipments (previous 15.9)
8:30 AM ET. December Advance Monthly Sales for Retail & Food Services
Overall Sales-SA, M/M% (previous +0.2%)
Sales, Ex-Auto, M/M% (previous +0.1%)
Sales, Ex-Auto & Gas, M/M% (previous +0%)
8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims
Jobless Claims (previous 214K)
Jobless Claims, Net Chg (previous -9K)
Continuing Claims (previous 1803000)
Continuing Claims, Net Chg (previous +75K)
8:30 AM ET. December Import & Export Price Indexes
Import Prices (previous +0.2%)
Non-Petroleum Prices (previous +0.2%)
Petroleum Prices (previous +1.1%)
8:30 AM ET. U.S. Weekly Export Sales
Corn (Metric Tons)
Soybeans (Metric Tons)
Wheat (Metric Tons)
9:45 AM ET. Bloomberg Consumer Comfort Index
10:00 AM ET. January NAHB Housing Market Index
Housing Mkt Idx (previous 76)
10:00 AM ET. November Manufacturing & Trade: Inventories & Sales
Total Inventories (previous +0.2%)
10:00 AM ET. ABA Economic Advisory Committee economic forecast
10:30 AM ET. EIA Weekly Natural Gas Storage Report
Working Gas In Storage (Cbf) (previous 3148B)
Working Gas In Storage, Net Chg (Cbf) (previous -44B)
4:00 PM ET. November Treasury International Capital Data
4:30 PM ET. Federal Discount Window Borrowings
4:30 PM ET. Foreign Central Bank Holdings
4:30 PM ET. Money Stock Measures
N/A World Economic Situation and Prospects report
Friday, January 17, 2020
8:30 AM ET. December New Residential Construction - Housing Starts and Building Permits
Total Starts (previous 1.365M)
Housing Starts, M/M% (previous +3.2%)
Building Permits (previous 1.482M)
Building Permits, M/M% (previous +1.4%)
9:15 AM ET. December Industrial Production & Capacity Utilization
Industrial Production, M/M% (previous +1.1%)
Capacity Utilization % (previous 77.3%)
Capacity Utilization, Net Chg (Pts) (previous +0.7)
10:00 AM ET. November Job Openings & Labor Turnover Survey
10:00 AM ET. January University of Michigan Survey of Consumers - preliminary data
Mid-Mo Sentiment (previous 99.2)
Mid-Mo Expectations (previous 88.9)
Mid-Mo Current Idx (previous 115.2)
The STOCK INDEXES http://quotes.ino.com/ex changes/?c=indexes"
The STOCK INDEXES:The March NASDAQ 100 was higher in overnight trading as it extends the rally off last-August's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's high into uncharted territory, upside targets will be hard to project. Closes below Wednesday's low crossing at 8782.76 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 9055.50. Second resistance is unknown. First support is the 20-day moving average crossing at 8782.76. Second support is the 50-day moving average crossing at 8508.52.
The March S&P 500 was higher overnight as it extends the rally off last-August's low. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3231.93 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3286.10. Second resistance is unknown. First support is the 20-day moving average crossing at 3231.93. Second support is the 50-day moving average crossing at 3159.88.
INTEREST RATES http://quotes.ino.com/ex changes/?c=interest"
INTEREST RATES: March T-bonds were lower overnight as they consolidates some of the rebound off last-Thursday's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 157-19 would temper the near-term bearish outlook. If March resumes last-Wednesday's decline, January's low crossing at 155-05 is the next downside target. First resistance is last-Wednesday's high crossing at 159-19. Second resistance is December's high crossing at 160-13. First support is January's low crossing at 155-05. Second support is November's low crossing at 155-00.
March T-notes was lower overnight as it consolidates some of the rebound off last-Thursday's low. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 128.211 would confirm that a short-term top has been posted. If March extends the rally off December's low, November's high crossing at 130.175 is the next upside target. First resistance is last-Wednesday's high crossing at 130.060. Second resistance is November's high crossing at 130.045. First support is the 20-day moving average crossing at 128.211. Second support is December's low crossing at 127.290.
ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""
February crude oil was steady to slightly lower overnight as it extends last-week's decline.The mid-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 58.71 would open the door for additional weakness near-term. Closes above the 10-day moving average crossing at 61.02 are needed to confirm that a short-term low has been posted. First resistance is the 75% retracement level of 2018's decline crossing at 65.62. Second resistance is the 87% retracement level of 2018's decline crossing at 68.84. First support is the 50-day moving average crossing at 58.71. Second support is the November 29th low crossing at 55.01.
February heating oil was lower overnight as it extends the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, the December 11th low crossing at 191.57 is the next downside target. Closes above the 20-day moving average crossing at 201.22 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 201.22. Second resistance is last-Wednesday's high crossing at 211.77. First support is the December 11th low crossing at 191.57. Second support is December's low crossing at 185.67.
February unleaded gas was lower overnight following a two-day bounce off last-Wednesday's low. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends last-Wednesday's decline, the December 11th low crossing at 161.50 is the next possible downside target. Closes above the 20-day moving average crossing at 170.02 would confirm that a short-term low has been posted.First resistance is last-Wednesday's high crossing at 181.14. Second resistance is the 75% retracement level of 2018's decline crossing at 188.45. First support is the December 11th low crossing at 161.50. Second support is December's low crossing at 157.36.
February Henry natural gas was steady to slightly higher overnight. The high-overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2.218 are needed to temper the near-term bearish outlook. If February resumes the decline off November's high, weekly support crossing at 2.029 is the next downside target. First resistance is the 20-day moving average crossing at 2.218. Second resistance is the December 16th high crossing at 2.351. First support is January's low crossing at 2.083. Second support is weekly support crossing at 2.029.
CURRENCIEShttp://quotes.ino.com/ex changes/?c=currencies"
CURRENCIES:The March Dollar was higher overnight as it extends the rally off December's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 50-day moving average crossing at 97.16 would open the door for additional gains near-term. Closes below the 10-day moving average crossing at 96.71 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 97.16. Second resistance is the December 23rd high crossing at 97.41. First support is December's low crossing at 96.02. Second support is the 62% retracement level of the March-September-rally crossing at 95.63.
The March Euro was steady to slightly lower overnight. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this month's decline, the December 6th low crossing at 111.13 is the next downside target. Closes above the 10-day moving average crossing at 112.02 would temper the near-term bearish outlook. First resistance is December's high crossing at 112.93. Second resistance is August's high crossing at 114.20. First support is the December 6th low crossing at 111.13. Second support is November's low crossing at 110.61.
The March British Pound was lower overnight.The low-range overnight trade sets the stage for a steady to lower opening when the day session beings trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 1.3051 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March resumes the rally off December's low, December's high crossing at 1.3548 is the next upside target. First resistance is December's high crossing at 1.3548. Second resistance is the 62% retracement level of the April-September-decline crossing at 1.3748. First support is December's low crossing at 1.2940. Second support is the November 22nd low crossing at 1.2870.
The March Swiss Franc was steady to slightly higher overnight. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near-term. Closes below the 20-day moving average crossing at 1.0306 would confirm that a short-term top has been posted. If March resumes the rally off November's low, the 87% retracement level of the August-November-decline crossing at 1.0461 is the next upside target. First resistance is the 75% retracement level of the August-November-decline crossing at 1.0406. Second resistance the 87% retracement level of the August-November-decline crossing at 1.0461. First support is the 20-day moving average crossing at 1.0306. Second is the 50-day moving average crossing at 1.0229.
The March Canadian Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 76.48 are needed to confirm that a short-term top has been posted. If March resumes the rally off November's low, weekly resistance crossing at 77.97 is the next upside target. First resistance is December's high crossing at 77.23. Second resistance is weekly resistance crossing at 77.97. First support is the 20-day moving average crossing at 76.48. Second support is the 50-day moving average crossing at 75.96.
The March Japanese Yen closed lower overnight as it extends the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, monthly support crossing at 0.0906 is the next downside target. Closes above the 50-day moving average crossing at 0.0923 are needed to temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 0.0920. Second resistance is the 50-day moving average crossing at 0.0923. First support is last-April's low crossing at 0.0913. Second support is monthly support crossing at 0.0906.
PRECIOUS METALS http://quotes.ino.com/ex changes/?c=metals"
PRECIOUS METALS: February gold was lower overnight and poised to extend the decline off last-Wednesday's high. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 10-day moving average crossing at $1549.60 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If February resumes the rally off November's low, monthly resistance crossing at $1616.50 is the next upside target. First resistance is last-Wednesday's high crossing at $1613.30. Second resistance is monthly resistance crossing at $1616.50. First support is the 10-day moving average crossing at $1549.60. Second support is the 20-day moving average crossing at $1520.40.
March silver was lower overnight and remains poised to extend the decline off last-Wednesday's high. The low-range overnight trade sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term.Closes below the 20-day moving average crossing at $17.731 are needed to confirm that a short-term top has been posted. If March resumes the rally off December's low, the September 24th high crossing at $18.930 is the next upside target.First resistance is last-Wednesday's highcrossing at $18.895. Second resistance is the the September 24th high crossing at $18.930. First support is the 20-day moving average crossing at $17.731. Second support is the 50-day moving average crossing at $17.412.
March copper was steady to slightly higher overnight. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off December's low, the 75% retracement level of the April-September-December crossing at $289.05 is the next upside target. If March extends decline off December's high, the 50-day moving average crossing at $273.37 is the next downside target. First resistance is December's high crossing at $285.65. Second resistance is the 75% retracement level of the April-September-decline crossing at $287.40. First support is the 50-day moving average crossing at $273.37. Second support is December's low crossing at $262.05.
GRAINS http://quotes.ino.com/ex changes/?c=grains
March corn was steady to fractionally lower overnight as it consolidates some of last-Friday's rally. The low-range trade sets the stage for a steady to lower opening when the day sessions begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at $3.92 are needed to renew the rally off December's low and would open the door for a possible test of November's high crossing at $4.00. If March extends last-week's decline, December's low crossing at $3.71 is the next downside target. First resistance is the reaction high crossing at $3.92. Second resistance is November's high crossing at $4.00. First support is last-Friday's low crossing at $3.76 1/2. Second support is December's low crossing at $3.71.
March wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, last-June's high crossing at $5.73 1/2 is the next upside target. Closes below the 20-day moving average crossing at $5.51 1/2 would signal that a short-term top has been posted. First resistance is last-Friday's high crossing at $5.68 1/2. Second resistance is last-June's high crossing at $5.73 1/2. First support is the 20-day moving average crossing at $5.51 1/2. Second support is the 50-day moving average crossing at $5.33.
March Kansas City Wheat closed up $0.04 1/2-cents at $4.94 3/4.
March Kansas City wheat closed higher on Friday as it posted its highest close since last-July. The high-range close sets the stage for a steady to higher opening when Monday night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off September's low, the 75% retracement level of the June-September-decline crossing at $5.08 is the next upside target. Closes below the 20-day moving average crossing at $4.70 1/2 are needed to confirm that a short-term top has been posted. First resistance is today's high crossing at $4.98 1/4. Second resistance is the 75% retracement level of the June-September-decline crossing at $5.08. First support is the 20-day moving average crossing at $4.70 1/2. Second support is the 50-day moving average crossing at $4.49.
March Minneapolis wheat was lower overnight as it consolidates some of the rally off last-Wednesday's low. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March resumes the rally off November's low, October's high crossing at $5.71 1/4 is the next upside target. Closes below the 20-day moving average crossing at $5.46 1/2 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the October-November-decline crossing at $5.45 1/4. Second resistance is October's high crossing at $5.71 1/4. First support is the 20-day moving average crossing at $5.46 1/2. Second support is the 50-day moving average crossing at $5.32.
SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "
March soybeans lower overnight as it extends last-week's trading range. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Friday's low crossing at $9.35 1/2 would renew the decline off January's high while opening the door for a test of the 50-day moving average crossing at $9.28 1/2. If March resumes the rally off December's low, October's high crossing at $9.70 is the next upside target. First resistance is the 87% retracement level of the October-November-decline crossing at $9.58 1/2. Second resistance is October's high crossing at $9.70. First support is last-Friday's low crossing at $9.35 1/2. Second support is the 50-day moving average crossing at $9.28 1/2.
March soybean meal was steady to slightly lower overnight as it extends December's trading range. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above December's high crossing at $307.90 would renew the rally off December's low. If March extends last-Thursday's decline, the December 12th low crossing at $297.40 is the next downside target. First resistance is December's high crossing at 307.90. Second resistance is November's high crossing at $312.70. First support is the December 12th low crossing at $297.40. Second support is December's low crossing at $296.20.
March soybean oil was lower overnight as it extends the decline off January's high. The low-range trade sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 34.38 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If March renews the rally off December's low, weekly resistance crossing at 35.79 is the next upside target. First resistance is January's high crossing at 35.67. Second resistance is weekly resistance crossing at 35.79. First support is the 20-day moving average crossing at 34.38. Second support is the 50-day moving average crossing at 32.56.
LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock
February hogs closed up $0.25 at $67.25.
February hogs closed higher on Friday as it consolidated some of the decline off January's high. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If February extends the aforementioned decline, December's low crossing at $65.40 is the next downside target. Closes above the 50-day moving average crossing at $70.09 would temper the near-term bearish outlook. First resistance is the 50% retracement level of the October-December-decline crossing at $72.43. Second resistance is the 62% retracement level of the October-December-decline crossing at 74.10. First support is Thursday's low crossing at $66.47. Second support is December's low crossing at $65.40.
February cattle closed up $0.70 at $127.43.
February cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If February extended the rally off September's low, weekly resistance crossing at $130.45 is the next upside target. Multiple closes below the 50-day moving average crossing at $125.46 would confirm that a short-term top has been posted. First resistance is December's high crossing at $127.90. Second resistance is weekly resistance crossing at $130.45. First support is the 50-day moving average crossing at $125.46. Second support is the reaction low crossing at $123.30.
March Feeder cattle closed up $0.90-cents at $147.45.
March Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday's session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this week's rally, the 75% retracement level of 2018's decline crossing at $149.81 is the next upside target. Closes below January's low crossing at $141.33 would confirm that a short-term top has been posted. First resistance is today's high crossing at $147.75. Second resistance is the 75% retracement level of the 2018 April-September decline crossing at $149.81. First support is January's low crossing at $141.33. Second support is November's low crossing at $138.62.
FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food
March coffee closed higher on Friday as it consolidates some of the decline off December's high. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high, the 62% retracement level of the October-December-rally crossing at 11.35 is the next downside target. Closes above the 20-day moving average crossing at 12.81 would confirm that a low has been posted.
March cocoa closed higher on Friday as it renewed the rally off December's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the aforementioned rally, December's high crossing at 26.55 is the next upside target. Closes below the 20-day moving average crossing at 24.99 would confirm that a short-term top has been posted.
March sugar closed sharply higher on Friday as it extended the rally off September's low. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off October's low, last-April's high crossing at 14.20 is the next upside target. Closes below the 50-day moving average crossing at 13.07 are needed to confirm that a top has been posted.
March cotton closed higher on Friday as it extends the rally off last-August's low. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are neutral to bullish signaling that additional gains are possible near-term. If March extends the rally off August's low, the 62% retracement level of the 2018-2019-decline crossing at 74.04 is the next upside target. Closes below the 20-day moving average crossing at 68.67 are needed to confirm that a short-term top has been posted.
Thanks tallpine!
South American weather still looks like it will be becoming more bullish. Decent rains the next week in some dry places in S.Brazil/Argentina but not nearly enough.......then mostly dry in week 2 and soils dry out more.
https://www.marketforum.com/forum/topic/45281/
Australia going to get nice rains finally..............wheat won't be planted for a couple of months.
https://www.marketforum.com/forum/topic/45190/
Natural gas trying to decide how much colder the pattern will get in week 2. Seems like the guidance keeps pushing the colder farther out.