There were almost no changes for the US with production remaining at 21.3 million however usage was reduced 100,000 and exports reduced 200,000 raising US ending stocks to 6.3 million (29.86 percent stocks / use ) whilst World ending stocks were raised 440,000 to 51.49 million ( 42.55 percent ).
March absolutely exploded higher today, with a weekly outside reversal taking out all of last week's levels and in fact managing to close above the aforementioned sideways range of 51.00 to 54.00. We have spoken of this range and the effects of prices closing beyond them for some time.
In the last 6 months we have been unable to ever convert on a technical reversal, so tomorrow's ability to clear higher will be critical as to whether this phenomena can be reversed.
Trend following indicators show both the 9 day and the 50 day SMA to be trending higher now, with the 9 day crossing over the 50 day last week. Momentum wise indicators are starting to pick up, with the RSI indicator now at 60.14.
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