March Wheat - Steady to 0.75 Lower
March Corn - Steady to 1.00 Lower
Jan Soymeal - 0.50 Higher to 0.20 Lower
Jan Beans - 2.25 Lower
February Crude Oil couldn't quite test Friday's low of 68.42, and instead, reversed higher about 15 cents above that and rallied just about a buck into the close.
support - 68.60, 68.40, 67.70
resistance - 70.10, 70.40
January Soybeans set back a few cents today as expected after the sharp 30 cent rally.
support - 965.00, 960.00
resistance - 980.00, 996.50
January Soymeal corrected almost 50% of the rally.
support - 287.50-286.00
resistance - 299.00, 303.00
March Corn consolidated today after Friday's 5.50 cent rally. This up leg (impulse) should resume shortly.
support - 446.50-445.00
resistance - 451.50, 461.00
March SRW Wheat marked a small upside down Head & Shoulder's pattern last night and today, then at 10 AM CST broke out to the upside from that pattern. Wheat finished up 7.25 for the day.
support - 539.75-539.00, 534.50
resistance - 545.00, 555.00
March HRW Wheat marked a small double bottom on Thursday and Friday's lows, then closed the day up 6.25.
support - 550.00-549.00
resistance - 555.00, 562.00
March Spring Wheat marked a spike low on Thursday, and has been rallying since then. Spring wheat hit downtrend line resistance at 597.50 near the close.
support - 594.50, 591.00
resistance - 597.50, 606.00
All 3 wheats have bottomed out for the time being. This should be supportive for corn and beans - always nice to have wheat being dragged along.
March S&P has now retraced the big selloff about 62% back up and may not need to retest the 5866 low. We will know within a couple of days.
support - 59.50, 5860
resistance - 6061, 6163
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