March corn (ZCH26) futures last week saw a meager gain of 1 1/2 cents. However, last Friday’s technically bullish weekly high close suggested some follow-through price strength when trading resumes after a three-day U.S. holiday weekend. March soybeans (ZSH26) on the week were up 17 3/4 cents. March soybean meal (ZMH26) on Friday closed at a two-month high and for the week rose $5.60. March bean oil (ZLH26) futures last week gained 175 points. March soft red winter wheat (ZWH26) for the week was up 19 cent ...

Core Insights - March soft red winter wheat futures are showing upward momentum, having reached a 2.5-month high, indicating a potential buying opportunity [1] - The bullish sentiment is supported by technical indicators, specifically the MACD, which shows a positive trend [1] - Recent news of China seeking to purchase U.S. wheat amid easing trade tensions contributes to a tightening global supply and demand balance for wheat [2] Technical Analysis - A breakout above the resistance level of $5.57 1/4 in March SRW wheat futures would signal a buying opportunity, with a target price of $6.20 or higher [3] - Technical support is identified at $5.30, where protective sell stops can be placed [3]