Dec Wheat - Steady
Dec Corn - 0.50 Lower
Dec Soymeal - 0.10 Higher
Nov Beans - Steady to Mixed, 1.25 Higher - 3.00 Lower
Now we have a sideways triple spike low in November Crude Oil. The volume on today's spike low was huge and occurred in the middle of the trading session - this indicates that the bulls are serious about defending these lows..
support - 70.45
69.40
resistance - 71.30
72.20
Most data after today indicates that we should finally be finished with this fairly lengthy correction across the board in grains.
November Soybeans marked the low 3.75 cents below the 972 support estimate, then rallied about 23 cents from low to high.
support - 980.00
967.00
resistance - 1002.00
1011.00
December Soymeal marked it's low 2 ticks above the 311.60 support price, then rallied about 7 bucks low to high, and closed above the 316.00 breakout level.
support - 316.30
312.00
resistance - 323.00
328.00
December Corn sold off to 1 cent below the 400.00 support price, then reversed up with powerful buying. It looks like the selloff was a fake to sucker more shorts in, before ripping them up. Corn closed within 1 tick of the 407.00 breakout point.
support - 403.25
399.00
resistance - 414.00-415.50
421.50
December SRW Wheat attempted to test yesterday's low of 575, but fell short by 5 ticks, then rallied about 14 cents from low to close.
support - 585.00
576.00
resistance - 600.00
609.00
December HRW Wheat marked it's low 3.25 cents below the 585.50 support level, then rallied 14 cents low to close.
support - 590.50
582.00
resistance - 605.00
616.00
December Spring Wheat marked it's low 1.50 cents above the 616.00 support price, because the buyers were too eager, leaving buy limit orders below 617.50 empty handed. Spring wheat closed 1.75 cents above the 627.00 support level.
support - 626.50
623.00
resistance - 644.00
653.50
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