March Wheat - 0.75 Higher to 0.25 Lower
March Corn - 0.75-1.25 Lower
March Soymeal - 0.20 Higher
March Beans - 2.00 Lower
February Crude Oil is still on a buying rampage and is up 2.24 to 78.80 at the time of this writing. Crude broke through and closed above the 78.50 resistance level.
support - 78.50, 77.25
resistance - 79.60, 80,10
March Soybeans marked it's high 1.50 cents shy of the 1055.00 resistance price, after rallying about 27.50 cents low to high. Beans also closed up 26.75 for the day. A small 1-2 day correction from here is the most likely scenario. However, remain cautious of the strength.
support - 1026.00, 1015.50
resistance - 1055.00, 1070.00
March Soymeal was characterized by steady and strong fund buying on the day, closing at 307.60, up 9.30.
support - 306.00, 304.50
resistance - 314.50, 322.00
March Corn also experienced follow through buying today, with the close being 475.25, up 5.25 cents for the day. When I told Roger about the unprecedented increase in open interest on Friday, he said that the USDA has never cut yields this much on the January report. This all tells me this market has legs (fundamental, money and technical, aligned) with 510 being the first target.
support - 472.00, 465.00
resistance - 476.50-477.00, 489.00
March SRW Wheat marked it's high 3 ticks above the 545.00 upper resistance level, after rallying a net 14.50 on the day. The close was 2 ticks from the high.
support - 541.00, 534.50
resistance - 546.00, 555.00, 570.00
March HRW Wheat was 9.50 cents higher on the day, almost trading to the 563.50 resistance.
support - 557.00, 553.00
resistance - 563.50, 572.00
March Spring Wheat was up 9.25 cents on the day, closing 1 tick from the high.
support - 590.00, 584.25
resistance - 594.50, 601.00, 606.00
March S&P almost tested a long term uptrend line today in the 5800 region, but the fund buyers were frontrunning. The daily bar painted a bullish Doji. We need to trade above 5860 and stay there or go higher to signal an end to the correction. This correction has lasted a few days shy of a month - this was my time frame limit. If not, then a larger correction, in time and price, is in order - but I'm not leaning this way.
support - 5850, 5800
resistance - 5908, 5960 - breakout price
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