March Wheat - Steady
March Corn - Steady to 1.00 Lower
Jan Soymeal - 0.40 Higher
Jan Beans - Steady to 1.50 Lower
Just a thought - maybe all (most) markets were waiting for the Fed announcement today of a .25 point basis rate cut. Buy the rumor, sell the fact in the stock market, but grains were selling into it for perhaps a timing low? We'll see soon.
February Crude Oil marked it's high 25 cents above the 70.55 resistance level, then sold off about 1.20 high to low. The 1 hour charts are presenting what looks like a head & shoulders top.
support - 68.80, 68.30
resistance - 70.00-70.10
January Soybeans has traded 2 days in-a-row of washout/capitulation-like selling. It is when most longs who are not well funded (smaller specs) are taken out of the market, that a turn can occur.
support/magnet point - 955.00 - August '23 low, 935.00-934.00 - weekly uptrend line
resistance - 970.00, 978.00
Take a look at the bean continuation chart: see how the last 4 bars become progressively longer with time & compare this to other areas of the chart to the left.
January Soymeal tested within a few ticks of the April 2020 low. Today's volume was exceptional, meaning the same thing - most folks who were long have given up or been stopped.
support - 266.00 - on weekly chart
resistance - 285.00, 289.00
March Corn marked it's high 1.50 cents shy of the 448.00 resistance price, then sold off about 9.50 cents to old support at 437.50 (the Dec 9th low) - a big range for corn. The move was straight down, therefore the move back up to 446.00 should be straight.
support - 437.50-436.00
resistance - 446.50, 451.25
March SRW Wheat nailed the 540.00 support price, after selling off from a few ticks above the 553.00 resistance level.
support - 540.00, 528.00 - but I don't see this scenario
resistance - 554.50, 561.00
March HRW Wheat marked it's low 2.00 cents below the 549.00 support price, after selling off about 14 cents high to low.
support - 547.25-545.00
resistance - 561.50, 566.00
March Spring Wheat marked it's low 5 ticks below the 592.50 support level, after selling off 11.00 cents from the high. It closed at the 592.50 price.
support - 590.00, 586.00
resistance - 602.00, 606.00
March S&P marked it's biggest range day, I think, ever (over 200 bucks down). I was unable to find 2008-09 daily data, however. I don't know for sure, but I believe the event today is short term. Hard to see a bigger correction happening...may be a few days, not weeks/months. At minimum, this move opens up the support and resistance levels.
support - 5906, 5855
resistance - 6140 - similar to beans, this selloff was straight down, lasting only 2 hours and change.
Comments