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Canada Know-Risk Market Outlook | Ag Markets Higher on Arg Weather and Oversold Conditions

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Canada Know-Risk Market Outlook
 
Craig Turner
Office: 312-706-7610
Twitter: @CornWheatSoy
WEATHER | Argentina looks hot and dry for the next 14 days and the market should add in a little weather premium until it rains again or the temps break.  Brazil received rain last night and there is some in the forecast over the next few days, but it gets dry again in the 6-10 day.  US Midwest temps are rising and receiving needed rain. Western Canada is warmer than normal but dry over the next week.
 
GRAINS & OILSEEDS |  The ag markets are getting a boost today as Argentina gets hot and dry for the next two weeks. While they have had a great planting and growing season so far, the market will add a little weather premium until the forecasts change for the better.  
Canola is following soybeans.  March closed over the 20 day moving average (634) and the next resistance levels are 650, 666 (50 day), and then 680.  The ag markets are oversold and due for a corrective bounce.  
March Canola
Related tags: Grains & Oilseeds

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