Dec Wheat - 0.25 Higher
Dec Corn - 0.25 Lower
Dec Soymeal - 0.10 Higher
Nov Beans - 0.50 Higher
December Crude Oil marked it's low 10 cents above the 69.25 support level, then rallied nearly 3 bucks, low to high. There is some resistance around the 72.00 area, therefore we may get a pullback to 71+/- before resuming the rally.
support - 71.00
70.50
resistance - 73.75
74.80
November Soybeans rallied 11.25 on the day, and marked the high 2.00 cents beyond the 995.00 support price. The bottom of the correction is very likely confirmed.
support - 987.00
983.50
resistance - 997.00-1001.00
1010.00, 1020.00
Possible higher targets for the week - 1027.00, 1040.00
December Soymeal marked it's low 3 ticks above the 315.00 support level, then rallied almost 5 bucks.
support - 315.50
311.50
resistance - 320.50
323.50
December Corn also continued to rally today, closing the overhead gap at 415.50, and closing above this gap for a gain of 7.00 cents for the day.
support - 414.50-413.75
411.50
resistance - 423.00
428.50
Possible higher targets for the week include 434.50, 442.00, 456.00
December SRW Wheat marked it's low 2 ticks below the 566.25 support level, then rallied about 13 cents low to high. Looks like I was a day early in calling the end to the wheat corrections.
support - 574.75
570.50
resistance - 584.00
596.00
December HRW Wheat marked it's low 1 tick below the 577.50 support price, then rallied about 13 cents low to high.
support - 584.25
581.00
resistance - 593.00
599.00-603.00
December Spring Wheat marked it's low 2.25 cents below the 611.50 support level, then rallied about a dime low to high.
support - 609.00
603.50
resistance - 624.50
637.00
The stock indices continued their corrective action today, with strength alternating between the Dow and Nasdaq.
Comments