April 18, 2017
Beans remain in a lower trading range and prices are just above the next important support level of 937. The current bearish fundamentals suggest support could be challenged.
Technically corn is in better shape than it has been for a while and last week’s close was as high as we have seen for a month. Fundamentally, there are still heavy US and global supplies which should cap medium term rallies between 370/380 and perhaps the most bullish feature short term is the hefty 150k fund long.
Wheat remains technically neutral but fundamentally bearish.
Urea remains technically and fundamentally weak (even though eh Bloomberg Index seems to be lagging traded physical levels). $171 now becomes an important potential support level.