March Wheat - 2.25 Higher to 0.50 Lower
March Corn - 2.00 Higher to 1.00 Lower
March Soymeal - Steady
March Beans - Steady to 0.75 Higher
Crude Price - 74.07, up 1.54
S&P price - 5972.00, down 95.00
March Corn and Soybeans have been in sideways to down corrections within their respective uptrends the last 6 to 8 business days. Corn's was either an A-B-C or A-B-C-D-E. The Soybeans correction is a double 3 - A-B-C -X-A-B-C. They should be at or very near completion before the next up wave. Friday's corn total trade volume was 42% greater than the previous 5 days of trading sessions at a whopping 641,225 contracts, possibly indicating give ups and capitulation. Average corn volume is in the mid to low 400,000's
Corn support - 480.00-477.50
resistance - 490.00, 477.25
March Soybeans completed the business of filling it's intraday gap to the left from 1035 to 1039 by marking it's low 1 cent below the 1035.00 support level. The gap is called an intraday gap, because there is no gap using the daily bar low and high. You can only see it on a 30 or 60 minute chart. Take a look on the March Bean 1 hour chart below.
Bean support - 1038.25, 1034.00, 1018.50
resistance - 1052.50, 1062.00
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