03/13/2025 Larger Technical Trends Point Back Lower

On the Grains
Grains bulls are starving for helpful news after the mild rebound attempt. Tariffs are here to stay as a day-by-day, hour-by-hour influence, whether they are announced or withdrawn or delayed or extended or exempted or whatever else is changing for tariffs against different products and different countries. Tariffs are linked to the sharp break in the stock market that has signaled concern about the economy and recession. Goldman Sachs reportedly downgraded their U.S. GDP growth forecast from 2.4 to 1.7 percent on the assumption of an average tariff rate increase of 10 percent across the board. The major stock indexes are in the headlines for quickly falling into ‘correction’ territory by the definition of being down more than 10 percent from their highs. A flip into ‘bear market’ status is considered to follow a 20 percent drop.