March soybeans, since breaking out of a symmetrical triangle chart formation, are on an eight-day winning streak and headed for a ninth. March futures have rallied $1.14 per bushel from the low just eight days ago. Although the extent of this rally is likely dependent on South American weather, momentum indicators may be flashing warning signs.
The Canadian Pacific has announced they have closed into a voting trust with the Kansas City Southern, completing their work on acquiring the railroad. Final approval still is needed from the U.S. Surface Transportation Board.