They Have and They Will Again

Grains:
Corn and wheat continued to struggle following yesterday’s selling pressure while soybeans attempted a modest bounce. Trade sentiment remains negative after comments from President Trump delaying China talks roughly five weeks, though history suggests Chinese demand can quickly return.

Soybeans:
Beans are working through a corrective wave four with an ABC structure. The 50 percent retracement was tested, with potential downside toward 62 percent near 1122 to 1123. A deeper retracement toward the 1090 area remains possible into the March 31 acreage report before a potential recovery.

Bean Oil:
Bean oil appears to have peaked in a wave three near 70 cents and is now correcting. Price action suggests a wave four pullback phase that could extend into late March as policy expectations become priced in.

Corn:
Corn remains the more constructive market. Support is expected in the 445 to 450 range as a wave four develops. Acreage uncertainty and fertilizer constraints could tighten supply expectations, supporting a move back toward 5.00 and potentially higher in new crop.

Wheat:
Kansas City wheat is correcting after a recent high, with downside targets between 590 and 560. Seasonal tendencies still favor a rally into mid April or early May, potentially pushing prices toward the 7.00 level.

Cattle:
Live and feeder cattle are recovering after last week’s lows, supported by strong boxed beef prices above 400. Tight supply and steady cash trade are keeping the market firm, with resistance near 240 in focus.

Gold:
Gold remains in a corrective phase after peaking in late January. A break below near term support could open the door to a move toward the 4800 level, signaling continued consolidation.