March Wheat - 0.25 Lower
March Corn - 0.50 Lower
March Soymeal - 1.20 Lower
March Beans - 6.00-9.00 Lower
March Crude Oil continues trading in a down channel - today's range was about 76.00-74.20.
support - 72.85, 71.50
resistance - 76.00, 76.50
Here's a 4 hour crude chart.
March Soybeans are continuing to mark higher highs and lows. I don't usually comment on news, but I read that Trump said food prices are too high, then the grains corrected a bit. The low was marked 4.00 cents below the 1051.50 support level, then rallied about 28 cents low to high, to about 3 cents above the 1073.00 resistance.
support - 1055.50, 1047.50
resistance - 1076.50, 1100.00
March Soymeal consolidated just underneath the 322 resistance mark, in a 6 dollar range. The low was printed fifty cents below the 313.50 support price, then rallied about 6 bucks.
support -313.00, 308.00
resistance - 322.00, 333.00
March Corn marked it's low 1.50 cents below the 482.00 support point, then rallied about 13.50 cents low to high, to just past the 493.00 resistance level.
support - 488.00, 484.00
resistance - 496.50, 510.00
March SRW Wheat marked it's low 3 cents past the 551.00 support price, then rallied about 11 cents low to high.
support - 551.00, 544.00
resistance - 558.00, 566.50
March HRW Wheat marked it's low 2 ticks above the 566.50 support price, then traded up about 8 cents low to high. Hard wheat and spring have broken out above a channel on the charts, yet soft wheat has not made it out of the channel. I think this insinuates that the hard and spring varieties are leading with more demand?
support - 570.00, 566.50
resistance/targets - 586.00, 602.50
March Spring Wheat marked it's low at the lower bracket 601.00 support level, in what was a quiet session of only a 6.75 cent range.
support - 601.00, 598.00
resistance/targets - 612.00 - another breakout, 618.00, 635.00
March S&P is trading up 28 bucks on the day at the time of this writing, within a few bucks of the 6163.75 high.
support - 6136, 6100
The equity indices also corrected at almost the exact time the grains did this afternoon, so I looked at several financial charts - many instruments flowing together. The USD seems to have peaked. Overall, risk on environment.
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