May Wheat - Steady
May Corn - Steady
May Soymeal - 0.40 Higher
May Beans - 0.25 Higher
April Crude Oil marked it's high 4 cents (ticks) beyond the 70.50 resistance level, after rallying between 1.90 and 2.00 bucks from last night's lows.
support - 69.50, 68.30
resistance - 70.35-70.55, 71.25
May Soybeans marked the low at the stated support price of 1035.00, after selling off from 1.25 cents above the 1050.00 resistance point.
support - 1036.00, 1029.00
resistance - 1044.00, 1051.50
May Corn has been elusive all week. It has been in a larger corrective pattern which caught a lot of folks/funds off guard - That's how markets work many times. I've decided that the up impulse ended on January 29th at 507.75, and that the correction has been an irregular flat which is A down to 484.00, B up to new highs at 518.75, C taking out the A low to 480.00. We don't know if this correction is complete for sure, but today was a bunch of capitulated selling - at the very least, Corn is close. Watch for a ledge (trading range) to form above the 480.00 low between about 482.00 and 484.00 tonight on the intraday charts for more evidence that this bloodbath is possibly over.
support - 480.00, 475.50
resistance - 488.50, 500.00
May SRW Wheat slid below the 572.00 support price and the neckline support at 569.00, possibly engaged in a larger capitulation, as well.
support - 561.00, 557.50
resistance - 568.00, 579.00
May HRW Wheat had a bigger buying bounce off the lows than did soft, possibly indicating the sellers have dried up. I'll be looking for a backfill to 582.50 on the short term chart, to see if the buyers flex from there.
support - 582.50-580.00, 576.00
resistance - 599.00-602.00, 611.00
May Spring Wheat marked it's low 3.25 cents below the 606.00 support level, after selling off 16.75 cents from high to low.
support - 604.00-602.00, 596.50
resistance - 620.00, 633.00
There are nine major vegetable oils in the world marketplace. Palm oil is the most widely traded vegetable oil, followed by soybean, canola (aka rapeseed), sunflower, palm kernel, peanut, cotton, coconut, and olive. Palm oil is considered the least healthy, canola the most healthy, but olive is the most tasty.
For pertinent news and fundamental grain market information, sign-up for a 30 day, no cost, no obligation, no phone call subscription to Wright on the Market news sent to your email every day before you get out of bed. Click on "subscribe" at: https://www.wrightonthemarket.com/
Comentários