Dec Wheat - 0.50 Higher
Dec Corn - 0.25 Lower
Dec Soymeal - 0.40 Higher
Jan Beans - Steady
Everything but Equities was weak today.
December Crude Oil did not attempt to fill the gap down from last night. If it can manage a rally tonight or tomorrow, 72 is still in the cards, but this would be stiff resistance. The odds become less as the hours tick by that this gap will be filled anytime soon. In fact, during the pit trade, crude found the old low to the left at 69.17, as resistance. Take support levels with a grain of salt.
support - 66.30
65.25
resistance - 68.35
69.00 - beginning of gap
January Soybeans rolled to the continuous chart today, so support was found a few ticks above Friday's Novie contract low at 984.00.
support - 984.00
979.00
resistance - 995.50
1012.50
December Soymeal marked it's low 1.30 below the 304.00 support level, after selling off almost 5 bucks from last night's high price.
support - 303.00
300.00
resistance - 310.00
317.50
December Corn found support 1 penny above the 409.00 support level, after selling off about a nickel from last night's high. Corn did fill the gap down overnight, so that business should be complete. Also, corn could sell down to the 405 area, because of the potential target the gap manufactured, even though it is filled.
support - 409.00
404.50
resistance - 415.00-416.50
419.25
December SRW Wheat also filled the gap down by trading above the 570.00 swing high from Friday's session, but then the shorts slammed it down to new lows for the move.
support - 555.00
544.00
resistance - 566.50
572.00
December HRW Wheat tested old support near 561.00, after selling off 10.75 cents on the day.
support - 556.00
550.50
resistance - 568.50
574.50
The 604.00 support price for December Spring Wheat quickly became resistance after the open last night, as spring wheat sold off a dime for the day.
support - 587.00
563.00
resistance - 600.00
605.50
December S&P gapped up on the open last night and traded as much as 38 higher in early morning pre-trade, but gave back about 20 points during the afternoon.
support - 5856
5834
resistance - 5884
5903
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