TRIM THE FAT............ Monday started with new high prices for the month on the Sunday night overnight trade but long-held positions fat with profits started to trim some of their long positions pulling prices lower overnight and on the day session Monday. Down days have been hard to come by in the month of March with fear of lower ending stocks on the March 9 USDA monthly report. Fear of not enough acres to show up planted on the march 30 planted acreage report and the battle with higher prices between grains to ensure they maintain a price high enough to each other not to lose acres this spring planting. The funds can pay handsome bonuses on profits taken before month's end. This is a good week to take profits even if we close higher on the week as profits can be taken from rallies. Traders see next week as the week of the big March 30 crop report on acres to be planted, so it should be a week of spreading, especially spreading july/dec corn and july/nov. beans , or old crop , new crop month spreads and two side trading as everyone spreads out risk and even up some positions prior to the report. The first of several media polls of the brokerage industry as to their pre-report estimates on acres, comes out Friday and another Monday giving us a look at the industry thoughts. This will affect trading next week. So this is an uncertain week as were between the big march 9 and march 30 reports. Technicals read like this, support on may corn is 6.60 then 6.52 with resistance 6.84. Support on may beans is 13.55 then 13.30 with resistance 13.75 then 13.90. Support for may wheat is 6.42 with resistance 6.68.
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