March Soybeans broke out higher on bullish USDA numbers and closed above resistance.
support - 1015.50, 1007.00
resistance - 1045.00, 1055.00
March Corn also broke higher on yield cut news and closed above the key 460.00 level, which now becomes support.
support - 464.00, 460.00
resistance - 476.50, 489.00
Here is the 8 hour corn chart, showing the breakout higher with incredibly strong volume. Not shown on chart, the open interest increased 72,270 contracts on Friday per cmegroup.com. It is rare to see this magnitude of increase in 1 week, let alone 1 day. Never seen anything like this!
March SRW Wheat marked it's low 1.00 cent below the 527.00 support price, then rallied about 15 cents printing the high 1.25 cents above the 540.00 resistance point on the USDA reaction, following corn and beans.
support - 528.00-526.00
resistance - 541.50-545.00
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