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March Soybean commodity futures news and research – BrokersEDGE 2-13-19

March Soybean commodity futures
Yesterday’s Close: March bean futures finished yesterday’s session up 11 ¾ cents, trading in a range of 14 ¼ cents. Funds were estimated buyers of 9,000 contracts on the day.
Fundamentals: The market worked higher yesterday on confirmed headlines that the March 1st deadline for a trade deal would be extended, keeping tariffs at their current rates instead of increasing to 25%. CONAB released their Brazilian crop estimates yesterday, they have production at 115.3mmt, this compares to the USDA estimate of 117.00mmt.
Technicals: The market has traded technically sound this week, with prices testing and holding significant support pockets. The bulls do not want to see a retest, but more importantly a close below support from 897-901. This would neutralize our friendly bias and likely encourage a round of long liquidation. The bulls want to see a conviction close above the 200-day moving average, an indicator we have traded on for the last 14 sessions. If the bulls can achieve this, we would look for a move towards 941-947.
Bias: Neutral/Bullish
Resistance: 931 ¼**, 941-947****
Pivot: 913 ¼-916 ¼
Support: 897-901****, 890 ½-891 ¼**, 880 ½**

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Disclaimer:
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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