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Presented by Heartland Investor Capital Management Inc. CTA
Soybeans
Soybeans pushed higher despite China being on Lunar holiday.
March broke prior highs last week but stalled near the 78.6 percent retracement.
July beans traded above our 1160 old crop sale zone, reaching toward the 88 percent retracement.
No new high close. A corrective setback remains possible.
Farm Forum data Friday could influence direction, or anticipated flash sales may be supporting the market.
Soybean Oil
The crush report was considered friendly with stronger than expected usage, yet stocks increased.
Despite that, soybean oil continues pressing higher.
The 58 level was viewed as resistance.
A correction is likely developing, but timing remains uncertain as momentum holds firm.
Corn
Corn is underperforming soybeans.
March shows a completed five wave advance with an A B C corrective structure unfolding.
A break toward 420 in March or 430 in May remains technically allowable within the broader bullish structure.
Holding current levels into week’s end would improve the tone.
Wheat
Kansas City wheat remains well above the 200 day moving average and trendline support.
The recent pullback appears corrective.
The sales target remains 570 to 580 in the May contracts.
A third session of stabilization should attempt to push the market higher.
Live Cattle
April live cattle posted the highest close at 242.62.
Cash trade was reported in the upper 240s, with a 250 bid passed in Iowa.
The April contract still trades at a discount with roughly 70 days before convergence with cash.
A potential right shoulder is developing, but no confirmed top exists.
Double or marginal new highs remain possible before reversal.
Feeder Cattle
April feeders rallied but did not post new continuation highs.
Funds hold approximately 16000 contracts long.
The cash feeder index is near 376, while March remains discounted to cash.
A head and shoulders top is not confirmed unless the market closes below 361.77.
That level remains critical for technical integrity.
Risk Outlook
Sentiment remains broadly bullish.
However, heavy fund length in feeders and elevated cattle prices increase vulnerability to outside shocks.
Risk management and disciplined hedging remain priorities at these elevated levels.
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.