March Wheat - 0.50 Lower
March Corn - 0.50 Lower
Jan Soymeal - Steady
Jan Beans - 0.50 Lower
January Crude Oil rallied strongly, blew past all resistance levels, and was up 1.67 at the time of this writing. Crude did run into a trendline near the high, so we may be at a good resistance price - we'll have to see the trade tonight.
support - 69.05, 68.60
resistance - 70.50, 71.45
January Soybeans marked the low 2.00 cents below the 990.00 support price, then rallied 13.00 cents to 1001.00 for a high. Beans are stuck in a trading range until we see a close at 1005.00 or better.
support - 990.00, 985.50
resistance - 1001.50, 1005.00
January Soymeal marked it's low 4 ticks below the 290.60 support level, while trading in a 3 dollar range the whole session.
support - 290.00, 288.50
resistance - 293.20-294.00, 299.00
December Corn started a correction and was off 1.00 cent for the day. The close was 1 cent above the 447.00 support price. After 4 consecutive up days, it's healthy to have some backfilling.
support - 447.00-446.00, 443.50
resistance - 455.00, 460.00, 475.00
March SRW Wheat marked it's high 1 tick beyond the 569.00 resistance point, after rallying 8.75 cents from low to high, then selling down to close at 562.25. We need a close above 569.00 to achieve a triangle breakout.
support - 560.50-558.00, 553.00
resistance - 569.00, 580.00
Here is a picture of the ascending triangle:
March HRW Wheat marked it's high 1.50 cents shy of the 573.00 resistance price, while trading up and down in a 7.00 cent range.
support - 563.50-562.00, 560.50
resistance - 571.50-573.00, 584.00
March Spring Wheat marked it's low 1.00 cent above the 603.50 support price, then rallied about 6.50 cents to the high and closed unchanged on the day, after a small correction down.
support - 604.00, 599.00
resistance - 613,50, 640.00
December S&P had a huge up day of about 58 bucks from the low, which was 5 bucks above support, to the high above resistance. Today's rally should be the B up leg of an A-B-C correction in a bull market. Tomorrow, there is a good chance of selling to test yesterday's low of 6040.
support - 6035, 6020
resistance - 6103-6111
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