March Wheat - 4 to 6 Higher
March Corn - Steady to 1 Lower
March Beans - 1 Lower
All the grains sold off fairly hard today after the 3 day weekend. March Soybeans was the hardest hit, presumably because of the Argentine rain event over the weekend.
I should have been more wary with beans closing that June gap last week - this was a fairly important business matter to complete. A pause in the uptrend is very reasonable. Either way, beans remains above my lower support area at 1488-1486 (labeled 2 on chart).
Bottom line - I believe the selling in all 3 grains today was/is a buying opportunity.
Here is today's March Soybeans chart - I believe the triangle breakout is still valid even though the 1508 did not hold.
March Wheat had the best recovery back up in the grains. The lower uptrend line comes in a 765 today and wheat printed a 770 low, then rallied 9.5 cents up to 779.5 on the last trade. The middle line it sliced through is at 781.5 and the upper line marks 788.5.
I'm looking for more recovery buying tomorrow - 790. Today I would have to say that 790 is resistance for tomorrow and if wheat can rally above this tomorrow, watch out above. Remember, our strong low is on the wheat weekly chart and it has marked 3 consecutive up bars, so 1 down this week just to catch it's breath is in line. Here is a zoomed in March Wheat showing today's action.
If you count the legs in March Corn, last Friday marked the end of 3, of 1-2-3 up. And 3 was 1.6 times stronger that 1. Corn remained above the 665 level on the lows and remember I said I didn't think it would trade to 665. If today's low holds (668) the 3rd (#5) up leg will be between 25 and 40 cents above that or between 693 and 708 (marked with red arrows). Check out today's chart with the legs labeled.
Feb Crude Oil could not hold gains either today, and sold off to test the last swing low just below the 77 level. Oil is stuck in a trading range for now with 81.5 being resistance and 74.90 to 73.70 holding support. I have marked the lower support levels with extended lines from old support levels.