Dec Wheat - 1.00 Higher
Dec Corn - 0.25 Lower
Dec Soymeal - 0.40 Lower
Jan Beans - 0.25 Higher
Volatility increased today because of the election and by the end of trading, most markets indicated that they liked the result.
December Crude Oil sold off about 2.25 to 69.74, then reversed back higher to close near unchanged for the day. Prices may rally to test 73.80-74.00, but I don't see much of a rally beyond that, at this juncture.
support - 69.70
68.90
resistance - 72.70
73.80
January Soybeans sold off below support in order to take out stops, and then promptly reversed higher to trade within 5 ticks of the 1009.00 resistance level.
support - 996.50
992.00, 982.00
resistance - 1012.00 - breakout
1025.00
December Soymeal spike and ledge pattern did not hold and instead, meal tested the previous low. Also, meal marked it's low 4 ticks beneath the 293.50 support price, then rallied about 6 bucks low to high.
support - 296.20
293.00
resistance - 300.00
303.00, 306.50
December Corn marked it's low 2 ticks below the 415.00 support level, then rallied about 12 cents low to high. The close was 2.50 cents above the 424.00 resistance - pretty bullish.
support - 424.00
420.00
resistance - 428.00
434.50
December SRW Wheat marked it's low 3.50 cents below the 565.50 support price, then rallied 12 cents from support to high.
support - 572.00
568.00
resistance - 581.00
586.00, 595.50
December HRW Wheat marked it's low 3.25 cents below the 568.50 support point, then rallied about 13 cents low to high.
support - 572.50
570.00, 565.00
resistance - 580.00
592.00
December Spring Wheat marked it's low 1 cent below the 602.50 support price, after selling off about a dime from the high.
support - 600.00
596.00
resistance - 617.00
624.50
The stock futures indices traded records for increase in price for 1 day, with the S&P up 147, the Dow up 1580, the Nasdaq up 581. Fair to say stocks loved the election results!
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