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Canada Know-Risk Market Outlook | Key Reversals For Soybeans, Corn, and SRW Wheat

StonexHero
Canada Know-Risk Market Outlook
 
Craig Turner
Office: 312-706-7610
Twitter: @CornWheatSoy
GRAINS & OILSEEDS |  Argentina will stay hot and dry for another week.  We are hearing rumors of China buying cargos of Brazilian soybeans but have not received hard confirmation yet.  The funds are record short the grains and oilseeds for this time of the year when you add up all their combined CBOT net short positions for January.
Corn, soybeans, and Chicago wheat all put in Key Reversals yesterday on the charts. That means they opened lower than the prior day's close, they trades lower then the prior day's low, but then they rally an close above the prior day's high.  
This could be a sign the ag markets are bottoming out as we head into planting for the US, Canada, EU, Ukraine, Russia, and China.  The markets are more likely to be choppy than trending.  A lot of bearish news has been priced into the markets already and there is no big reason to get wildly bullish.
The FOMC (US Federal Reserve) meeting concludes today.  Traders will be keen to hearing from the Fed Chairman and Fed's thoughts on inflation, economic growth, and interest rates.  The press briefing usually takes place after 1pm CT.
Related tags: Grains & Oilseeds

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