March Wheat - Steady to 1 Higher
March Corn - Steady to Mixed
March Soymeal - 0.50 Higher
March Beans - 1 Lower
Today produced the most trading volume ever (life of contract) for both March Corn and Soybeans. The volume today wasn't slightly more volume, rather it was about double the average volume over the last 45 days in March Corn, and double in March Beans over the last 2 weeks.
It looks like a big capitulation to me. The goal for any market is to remain irrational way beyond what seems reasonable to the feeble, rational mind, so as to bankrupt as many weaker participants as possible. It's not pretty, but this is how markets build energy for a move in the other direction.
To clarify, corn and beans have had smaller magnitude capitulations near swing low points on the chart in the recent past. Today stands out as double the magnitude.
Strong money (that is still long) likely added longs today, and will again tomorrow. For every seller, there is a buyer. Of course, much of the buying today was transacted by commercials, but the funds were in the mix, as well.
February Crude Oil marked it's low 54 cents below support and closed a dime below that support.
support - 70.38
69.00
resistance - 72.20
73.80
The Bean and corn market blew through all support levels today.
March Corn support - 463.50-463.00
453.50
resistance - 468.25
475.00
March Bean support - 1271.50
1262.50
1250.00
resistance - 1297.00
1317.00
March Soymeal also took out support levels.
support - 378.00
376.00
resistance - 385.00
390.00
March SR Wheat marked it's low 2.25 cents above the December 13th low.
support - 602.25
600.00
589.00
resistance - 619.50
631.00
March KC Wheat.
support - 626.00
619.00
resistance - 634.50
646.00
March Spring Wheat closed 3.50 cents below support.
support - 713.00
711.00
resistance - 718.50
726.00
March S&P likely completed a big a-b-c down correction today.
support - 4778
4665
4743
resistance - 4798
4828
4842