March Wheat - 0.25 Higher
March Corn - 0.25 Higher
March Soymeal - 0.7 Higher
March Beans - 0.50 Higher to 0.50 Lower
March Crude Oil continues it's definitive downtrend and had a range expansion down day which could be temporarily exhaustive. Looking for a small correction up would be reasonable at this point, as crude has retraced more than 50% down from the last up move. It marked it's low about 40 cents below 72.80 support/pivot area.
support - 72.80-72.60, 71.40
resistance - 75.25, 76.00
March Soybeans marked the low in between the 2 stated support prices at 1040.00 after gapping down last night and selling almost 15 cents. Beans was unable to test or fill the gap to the left from 1038.75-1035.50 and closed in the middle of the day's range.
support - 1039.00, 1035.00
resistance - 1051.00, 1055.00
March Soymeal tested the top of it's gap to the left, but could not fill it.
support - 298.50, 294.00
resistance - 303.70, 311.20
March Corn marked it's low 2.25 cents below the 480.00 support level, after also gapping and selling down about 8 cents from Friday's close. It feels like the funds were trying to nail some sell stops. Corn closed above the midline of the day's trading range.
support - 480.00, 475.50 - old highs below.
resistance - 484.50-486.00 - gap close, 489.50
March SRW Wheat tested an old low to the left at 533.25, by marking it's low price 1.25 cents below the old low, then closing 2.50 cents above the same low. I don't know if the contract low will be tested at this time, after previously thinking the bottom was in place.
support - 532.00, 526.00 - old low
resistance - 543.00, 552.50
March HRW Wheat faked a breakout higher last Wednesday and Thursday, and has reversed down about 36 cents from that day's high. The fuel for this downmove was gathered from all the longs who bought the breakout, then were quickly under water when the selling began. Also, hard wheat tested a pretty good looking up trend line today - I like this support.
Here's a look at the 1 hour chart.
support - 551.00-549.00, 545.00
resistance - 560.00, 571.00
March Spring Wheat has also reversed down from a higher high, and was down 9.50 cents on the day.
support - 585.00, 580.50
resistance - 597.50, 608.00
March S&P has corrected about 62% of the rally that tested contract highs last week.
support - 5995, 5940
resistance - 6075, 6105
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