March Wheat - 1 Higher
March Corn - 1.75 Higher to 1.25 Lower
Jan Soymeal - Steady
Jan Beans - 1.50 Lower
January Crude Oil rallied hard today and managed to hit a couple of upside price targets, most notably at 70 bucks. The net gain as of this writing is up 1.88 on the day. I look for some backfilling during the next trade session.
support - 69.70 - light, 69.20 - more solid
resistance - 70.30, 71.25
January Soybeans nailed the 999.00 resistance/target to the tick, then fell off 8.50 cents while closing up 6.25 for the day.
support - 986.50, 983.50
resistance - 1000.00, 1011.00
January Soymeal rallied as much as just shy of 5 bucks on the highs, then closed at 292.00, up 2.30. After the very deep correction yesterday, meal should be embarking on it's next leg higher. See upside targets below.
support - 289.00-287.00
resistance - 294.00 - light, 303.00-306.00
March Corn marked it's low within the support range given at 431.00, after selling off 5 cents from the resistance at 436.00. The triangle is continuing to wind up.
support - 429.50, 425.00
resistance - 439.00-442.00, 453.50
March SRW Wheat had an up and down day, closing up 1 penny. It marked the high at first resistance at 556.50, then sold off about a dime to a few ticks above support. Unfortunately, the shorts are still in control.
support - 545.50, 542.50
resistance - 558.00, 565.00
March HRW Wheat marked a new low for the move yesterday, but managed a small gain today, remaining above the low for the entire session. There was some capitulation-type volume near yesterday's close, indicating strong handed buying.
support - 539.00-540.00, 535.00
resistance - 552.00, 560.00
March Spring Wheat marked a 2.25 cent gain on the day, after a slightly lower low yesterday. Also, today's high was higher than the previous 2 day's highs - this is somewhat constructive.
support - 586.00-584.50
resistance - 599.00-602.50, 608.50
December S&P accomplished it's highest close ever near 6070, while gaining just 8 bucks today. These relatively quiet up days are bullish, because of the stability it provides by having small corrections followed by steady up legs - stairstepping. The bulls should not be concerned until we start having straight up days with heavy volume.
support - 6060-6046
resistance - sky's the limit, 6175 = swing target
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