The markets opened as called with more buying in the soyoil and bean markets. Grains were slower followers,
with corn and wheat markets steady.
SOY
The feature of the day was higher trade for beans and soyoil futures. Reasons were many from technical
considerations (beans over the 200 day moving average) up to funds flipping from short to long beans.
But the continuation of strong soyoil trade was perhaps the real catalyst for higher values. Palm oil
markets continue to head upward on supply fears, with crude oil trading up to new highs at $41.90/barrel.
The much higher path of soyoil put a floor under beans. May meal buy stops were triggered when prices
took out minor resistance at 271.00, sending prices higher to 273.40 approaching the upper end of the
trading range at 275.00. May beans found new buying interest with chart watchers looking at $9.08 as
key resistance. The new bean high was once again met with good selling interest from the country,
as farmers take advantage of higher prices to get something sold. July crush was trading from 61/62c/bu.
Oilshare was firmer with soyoil's advances trading to .3847%.
GRAINS
Corn and wheat prices started the day following bean strength, but the charts continue to suggest that they
are at fair value right where they are. As such, May corn found significant selling interest at the 100 day
moving average of $3.72. For the day it seemed like it was the job of corn and wheat to not travel too high
given their fundamentals - though export inspections yesterday were good for both. As noted below funds
were not involved in grains into the noontime hour.
Fund recap
even wheat
even corn
bot 6000 beans (adding length)
bot 3000 meal (covering shorts)
bot 3000 soyoil (adding to net length
**Upcoming events**
25 Mar - US markets /CBOT/ Singapore office will be closed on 'Friday' for Good Friday holiday.
31 Mar - USDA US'16 prospective plantings & Quarterly stocks reports
4 Apr - Weekly US crop progress report
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