--- title: Grain Market Chatter Closing Comments 2/8/2016 description: Daily grain market chatter for corn, soybeans, and wheat from Craig Haugaard the grain marketing specialist image: https://blog.cashcowfarmer.com/hubfs/Craig/Corn2.8.16.jpg --- ### About Us CashCow helps all farmers manage and market their grain. 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Forecast rain in Argentina for the weekend became reality and the peso fell against the dollar.  Corn ended lower and near the session lows.  Talk that the world oil producers failed to reach an agreement on production controls over the weekend weighed on prices.  Weekly exports were 17 million bushels vs. 28 last year.  Technically, two of three indicators are now bearish the March futures.  The only indicator hanging on by its fingernails is the MACD.  The stochastics have been in a straight line dive and are approaching oversold already.  Support continues to hold at $3.62.  My next sales targets would be $$3.72, 3.79, $3.85 and $4.10 if we can retrace to our high on October 8th. ** ![Grain Markets Corn Futures Chart](https://blog.cashcowfarmer.com/hs-fs/hubfs/Craig/Corn2.8.16.jpg?width=1024&name=Corn2.8.16.jpg "Grain Markets Corn Futures Chart")** **Soybeans:** Crude oil was back below $30/barrel to weigh on prices, Argentina got weekend rains.  Talk of a large US energy company facing bankruptcy surfaced today.    Export loaded remained steady at 1.17 mmt reported.  This had the market up early, but the negative pressure brought us right back down.  Technically, all three indicators are now bearish the March futures.  The Stochastics have crossed into oversold territory.  $8.66 wasn’t able to hold support today either as we continue to inch downward.  We’ve now opened the door for a downward move to $8.52.  My selling targets would remain $8.80, $8.90, $9.00, $9.12 then $9.35 if you really want to reach.   ![Grain Markets Soybean Futures Chart](https://blog.cashcowfarmer.com/hs-fs/hubfs/Craig/soybean2.8.16.jpg?width=1024&name=soybean2.8.16.jpg "Grain Markets Soybean Futures Chart")   **Wheat:** A general commodity sell-off today drug wheat lower with additional pressure from European futures.  Weak world equity markets and continued lower world wheat prices are also negatives.  Lack of 2016 weather concerns may be limiting buyer interest for now.  Weekly export inspections were 15 million bushels vs. 15 last year. Technically, all three indicators are once again bearish the Minneapolis March.  $4.82 continued to hold today; however, a close below this level could open the door for $4.65.  My price targets would be 5.05, $5.10, $5.20, $5.28 and $5.39. ![Grain Markets Wheat Futures Chart](https://blog.cashcowfarmer.com/hs-fs/hubfs/Craig/wheat2.8.16.jpg?width=1024&name=wheat2.8.16.jpg "Grain Markets Wheat Futures Chart")   1. [S.D. farmboy turned investment banker creates farm management program](https://info.cashcowfarmer.com/blog/s.d.-farmboy-turned-investment-banker-creates-farm-management-program) 2. [Farm Software: 5 Tools Every Farmer Should Be Using](https://info.cashcowfarmer.com/blog/farm-software-5-tools-every-farmer-should-be-using) 3. [How To Determine If Commodity Prices Are Too Low To Market Grain](https://info.cashcowfarmer.com/blog/how-to-determine-if-commodity-prices-are-too-low-to-market-grain) 4. 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