March Soybeans traded into the 994.00-1000.00 resistance area on Friday, then backfilled to a low of 988.50. 1056.00 is a near term upside target.
support - 984.00, 971.50
resistance - 1007.00, 1022.00
March Corn has been up trending since the low of 935.75 on December 19th. For 8 days, corn has been alternating between range expansion up days and range contraction up days. Sometimes a range contraction day can serve as a "correction" day even though the day is positive, because the buyers are too eager. 475 is the next upside target.
support - 452.25-451.50
resistance - 475.00, 488.00-493.00
March SRW Wheat has confirmed a solid bottom, as we suspected last week. The close above 544.00 confirms a breakout to the upside. 569.50 is the last swing high which occurred on December 11th. However, there are 3 bumps on the left before that high which will likely cause decent sized pullbacks, before 569.00 is achieved.
support - 544.00, 540.50
resistance - 555.00, 560.00, 566.00
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