March Wheat - 0.75 Lower
March Corn - Steady to 1.00 Lower
Jan Soymeal - 0.10 Higher
Jan Beans - 0.50 to 1.50 Lower
January Crude Oil volatility sure has picked up the last 2 days, running sell and buy stops alike. Crude bottomed last night in the support range, rallied about 1.75, then topped out a dime below the resistance of 70.40 and sold off about 2.20 after that. A new down trend has begun as there is still down pressure on this chart.
support - 67.00-66.50
resistance - 69.65
January Soybeans made a secondary low today which was above yesterday's low. If today's low of 976.75 holds, a rally should start.
support - 980.00, 975.00
resistance - 993.00, 1003.00
January Soymeal marked a third higher low, closing 2.30 bucks below the 293.50 support level, which was only 3 ticks below yesterday's low.
support - 290.50, 288.70
resistance - 295.00, 299.50
March Corn continued filling out it's big triangle pattern, and closed 1 penny below the 429.00 support price. The selling volume today was the highest in 2 weeks, suggesting capitulation action.
support - 427.00, 425.00
resistance - 434.00, 436.00
Check out the corn triangle again:
March SRW Wheat marked it's low 3 ticks below the 554.00 support point, after selling off about 12 cents from the high. Wheat also marked a higher low, which is supportive.
support - 555.25, 550.00
resistance - 565.00, 580.00
March HRW Wheat also marked a higher swing low which was 1.00 cent above the 553.00 support level.
support - 556.50, 550.00
resistance - 568.00, 580.00
March Spring Wheat was the strongest wheat today, rallying as much as 12 cents on the high, which was 3.00 cents above the 605.50 resistance price.
support - 599.00, 596.50
resistance - 609.00, 613.00
December S&P marked it's low at the 5976 support price last night, then rallied 67 bucks. It closed on the high which was just 10-11 bucks below the all time high from November 11th.
support - 6018, 5997
resistance - the 6053 high
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