Dec Wheat - 0.50 Higher
Dec Corn - Steady/Mixed
Dec Soymeal - Steady
Jan Beans - 1.00 Lower
December Crude Oil gapped up over a dollar on the open last night, then continued to rally to within 19 cents of the 72.00 resistance level, and closed up 2.02 bucks on the day at the time of this writing. Next target higher is 73.35.
support - 71.00
70.20, 69.20
resistance - 72.00
73.35
January Soybeans marked the high 1.00 cent from the 1009.00 resistance price, then sold off 14 cents high to low, printing a higher low for the day forming a triangle.
support - 996.00
988.50
resistance - 1008.00
1013.00, 1025.50
Here's the bean triangle on the 1 hour chart.
December Soymeal rallied 4.30 on the day, trading within 50 cents of the 303.00 resistance level. This looks like a good exhaustion bottom. The pattern is called a V bottom or a spike down & up with a sideways ledge located up high on the V.
support - 297.70
295.50
resistance - 302.50 - breakout
307.00
December Corn marked it's high 3 ticks above the 419.25 resistance price, after rallying about 6 cents low to high. This price action is bullish.
support - 415.75
413.00
resistance - 420.00
424.00
December SRW Wheat marked it's low 1.00 cent below the 566.00 support level, then rallied about 8.50 cents low to high. Wheat is stuck trading in a sideways range. The lower edge is about 565.00 and the top is from 578-580.
support - 565.25
563.00
resistance - 578.00-580.00
586.00, 595.50
December HRW Wheat marked it's low 1 tick below the 562.00 support price, then rallied about 11.50 cents.
support - 567.00
561.50
resistance - 575.00 - breakout
584.00
December Spring Wheat marked it's low 1.25 cents above the 595.00 support point, then rallied 10.50 cents from low to high.
support - 600.50
596.00
resistance - 610.00
618.00
December S&P marked the low 1 tick from the 5724 support price, after selling off about 50 bucks from the high.
support - 5723
5675
resistance - 5782
5805
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