Is the pullback in grains a buying opportunity?
Oliver Sloup of iiTrader - InsideFutures.com - Fri Feb 17, 8:31AM CST

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CORN (May)

May corn futures are under some pressure this morning as profit taking has carried over into the Friday morning session. We had advised clients earlier in the week to reduce risk and look to re-own at better levels; we are starting to work those orders down to 370 which was previous resistance. The market has done a great job of marking higher highs and higher lows, we will continue to trade with the trend until we see a fundamental or technical change.

Resistance-380 **, 387 **, 393 ***, 408 **

Support-377 -374***,365-368**,361 ***

SOYBEANS (May)

May soybeans are continuing to see pressure in the early morning session after prices failed at the top end of the range yesterday. As mentioned in our previous reports and in our “2 minute drill”, we are looking for a more of a pullback in prices and are less optimistic in beans than we are for corn and wheat. First support for May comes in from 1038-1040, a break below that could lead to additional long liquidation towards 1020, we will likely advise clients to re-own there on the first test. As with corn, we will continue to trade the technicals until we get a change in fundamentals, that will likely come from headlines in South America.

Resistance-1059 -1063**, 1078 -1081***, 1096 -1100****

Support-1038-1040**,1026 -1027 ***, 1016 -1019 ***

WHEAT (May)

May wheat futures are trading lower this morning, along with corn and soybeans. As with corn and beans, we had advised clients earlier in the week to reduce risk and look to re-own at better levels, we see 447 -450 being the first support pocket that represents good value. Yesterdays reversal is somewhat concerning but we feel that the market remains overall bullish and that shook out the weak longs. The market has done a great job of marking higher highs and higher lows, we will continue to trade with the trend until we see a fundamental or technical change.

Resistance-461-463 **, 472 **, 480 **, 493***

Support-447 -450***, 434 -437**, 421-425**

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Oliver Sloup

oliversloup@iiTRADER.com
t 800-416-5373 // d 312-244-3781// f 800-359-8913

Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources iiTrader believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.