March Wheat - Steady to 0.50 Lower
March Corn - 0.75 Lower
March Soymeal - 0.30 Higher to 0.20 Lower
March Beans - Steady to 1.25 Lower
All US financial markets were extremely volatile today, as traders saw the tariff news as opportunity. Risk on.
March Crude Oil gapped up over 75.00, which was beyond resistance, then sold off about 1.60 in the first few minutes of trade, and finally found support today near Friday's low of 72.00.
support - 72.00, 70.85
resistance - 73.25, 74.85
March Soybeans gapped down a few cents below the 1035 support level, then rallied almost 30 cents low to high.
support - 1050.50, 1040.00
March Soymeal traded up a little better than 9 bucks low to high, after it gapped down about 3 bucks below the 298.00 support price.
support - 302.50, 300.00
resistance - 307.00, 311.00
March Corn traded 20,000 contracts in the first 5 minutes last night, gapping down below support, then rallied almost 20 cents low to high, filling both gaps. The daily bar was an outside higher close day, which is a bullish signal by itself. The average 5 minute trade volume for any daytime opening or close is from 9000-13,000 contracts, so last night's trade volume was historic.
support - 485.00, 477.25
resistance - 497.50, 511.00
March SRW Wheat traded almost 24 cents from low to high, marking higher highs for the move. We finally have solid confirmation of a bottom and beginning trend up.
support - 565.00, 558.50
resistance - 581.00, 597.00, 618.00
March HRW Wheat tested the top of the trading channel on the open last night, then rallied about 20 cents low to high, also testing last Thursday's high around 590.75.
support - 583.50, 578.00
resistance - 603.00, 619.00
March Spring Wheat was the anomaly as it was positive on the session after the first 15 minutes of trade. Then, it traded up and down about a dime closing close to unchanged for the day.
support - 613.50, 607.50
resistance - 625.00 - last 2 day's high, 634.00
Cotton is a buy on the weekly and monthly charts, with a longer term target of 125.00 as it currently tests the bottom of a range from August and November lows between 66.00 and 65.00. If you have seen my supply/demand trendlines on charts, price has reached the bearish extreme.
March S&P gapped about 130 bucks ($6500/contract) down last night, then rallied almost that same amount today to close near unchanged on the day.
support - 6015, 6000
resistance - 6150, 6164
Almost everything is a buy. Cattle are pretty toppy, so they may not have more upside? Buy America
Comments