March Wheat - Steady to 1 Lower
March Corn - mixed to Lower, bids & offers run from 1 Higher to 2 Lower
March Beans - 2 to 4 Lower
The March Soybeans and Soybean meal charts both had stellar up days, but I don't want to say to much for fear of jinxing these markets. However, it appears that they could be setting up for an upside acceleration.
There is not much resistance above 1582 in March beans on the liquid continuation chart until 1750-1780. You've seen this chart before - price action was straight down in June of last year with a big gap when the funds rolled their positions from the July contract to November.
Resistance for March meal comes in at the 2022 high at 494.7, about 6 bucks from today's close and support is the balance line at 472, although not likely. We will know from the price action when this high is tested if meal is going to break through to the upside then. Check out today's picture.
Support for March Beans comes in at 1529 (the gap to the left) and 1508, but I doubt 1508 is seen anytime soon. Please look at that straight down move and large gap from June - Then you will see what I'm trying to say.
There is a general rule of charts as far as what to look for. When a chart is straight down on the left it tends to be fairly straight up on the right. When there are a lot of bumps on the left, price action, more times than not, will be more choppy on the right/the way up.
When an up move is occurring, he right side will react and correct when price trades to where a bump is on the left. On the soybean daily continuation chart there are 2 little bumps on the left - 1636 & 1724. Those are the levels that beans will correct from on the way up. Aside from these, the run down is straight. Try to identify these spots on the above chart.
The 2020 trendline held nicely on the new crop bean chart, then price reversed back up and closed the exhaustion gap. The next target up is about 1387 and support lies at 1351, the top of the gap to the left. You will see it on the Nov Bean chart.
690, which is about 6 cents from today's last trade, is the next objective for March Corn - this is the neckline. When it gets there we will know right away (same day) how corn reacts. It will eventually pierce up through and find support on it.
Because March corn has been trading back and forth the last 2 days, it may not spend much time around the neckline because this action is energy building - coiling up to strike. Check this out this coiling action (red arrows) on the 4 hour updated corn chart.
New crop Corn has been also coiling/sideways the last few days right at the bottom of the big triangle. I expect price to work higher. You can see it right here.
March Wheat has been trading back and forth around the old 760 high (labeled "test of this high today") the last couple of days. Next up target is 772 and support is raised 2 cents to 744. There is a lower line coming in at 740, although I don't think this is in the cards.
I will post a zoomed out wheat chart later in the week so we can see the upper price targets. This is the 2 hour.
79 couldn't quite hold on March Crude Oil, but today, 78 did hold. There is some downside risk to 75, where 2 lines intersect, a red one and a blue one. This has been a protracted correction/sideways in oil, so it's difficult to tell how much longer it needs before trending back up. We will know more by tomorrow.
