- Today’s big picture summary is – grains “up”, soybeans “down”; albeit with little conviction as market moves are quite tightly constrained with 20 minutes to go.
- Traditional “turnaround Tuesday”holds little in the way of convincing direction and, as a consequence, we can bring little in the way of matching convincing commentary!
- Probably the most significant comment we can muster tonight is that we remain fully aware of the bullish fundamentals, but are also increasingly alert to the strong bearish technical picture which appears to be dominating at the moment.
- In a situation when technicals and fundamentals disagree, we would normally place a stronger emphasis upon fundamental analysis of situations; however, we see price action following the technical analysis right now and feel that market direction is following its lead.
- We believe that the March 1st stocks report, due for release late March will provide some clearer price direction.