NEWS
Darin Newsom DTN Senior Analyst
Tue Jan 7, 2014 02:09 PM CST

March Beans Turning Up? Looks Like It

Believe it or not, the Chicago wheat market could be turning bullish short-term and it has nothing to do with the "polar vortex" or possible winter kill. No, the budding uptrend is all about short-term technical signals suggesting the nearby March contract has established a low, for now, and could look to rally.

Take a look at the contract's daily chart. Notice that daily stochastics (bottom study) posted a bullish crossover, the faster moving blue line crossing above the slower moving red line with both below the oversold level of 20%, last Friday ...

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