February Crude Oil rallied about 1.10 bucks into the 70.40 resistance, where heavy selling took over.
support - 69.90, 69.50
resistance - 70.40, 70.60, 70.80
January Soybeans traded to within 1 cent of the 965.00 support level, then rallied almost a dime into the high.
support - 970.00, 965.00
resistance - 980.00, 996.00
January Soymeal traded in a narrow range day staying within support and resistance.
support - 288.50
resistance - 299.00, 303.00
March Corn traded in a very narrow range of 2 cents, while closing higher on the day. Should be a bullish setup for the rest of the week.
support - 446.75, 445.00
resistance - 451.00, 461.00
March Wheat marked it's low 1 cent below the 434.50 support price, after selling off about 8 cents from the high. It looks like an A-B-C bottom formation where A is the low, B is yesterday's high, and C is today's higher low.
support - 533.50-532.00
resistance - 542.00-544.00
March HRW Wheat also marked a higher low. The 541.00 low may be tested again, but should hold within 3 cents.
support - 543.00-541.00
resistance - 552.50-555.00
March Spring Wheat marked it's low 2.50 cents below the 591.00 support level, after selling off almost a dime from high to low.
support -588.00-586.00
resistance - 598.00, 602.00
As anticipated, the March S&P continues to recover quickly after the panic 300 buck correction last week. We closed within 65 bucks of the high.
support - 6052, 6007
resistance - 6150-6164
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