May Corn steady to up 3
May Beans up 7 to 10
May Wheat up 10 to 15
Levels of: Support and Resistance
Wheat $9.58, then $9.31; $10.88
Corn $7.14, then $6.96 $7.76
Soybeans $16.59, then $16.45 $17.59
The professional Bullish Consensus guys said crude oil, soybeans, wheat, corn, soybean meal, soyoil, cotton and natural gas all were 80% plus Bullish Consensus at the close this afternoon; 70% is overbought. It does not necessarily mean the high is near; it just means the market needs to find new buyers, which it will do by going down for a period of time.
The corn market left a gap on last night's open. We will see if it needs filling quickly or will it serve as a measuring gap.
Wheat is very strong. May and July closed limit up (50 cents). It takes three contracts to settle limit move for expanded limits to kick-in for the next day. Not the case this time.
The soybean and corn May/July is going parabolic (nearly straight up). This tells me that March contract, which is in the delivery period will support futures robustly into mid-March.