March Wheat - Steady
March Corn - Steady to 0.50 Lower
Jan Soymeal - 1.60 Higher
Jan Beans - 0.50 to 2.00 Lower
January Crude Oil settled down a bit today and printed a small range inside daily bar - look for volatility to pick up again Friday.
support - 67.50-66.75
resistance - 70.25
January Soybeans held Tuesday's low and rallied 5.75 cents on the day, and traded above Sunday night's high of 993.25. Specifically, the high was 1.25 cents beyond the 993.00 resistance level. Constructive price action.
support - 985.25, 981.50
resistance - 999.50, 1006.00
January Soymeal also marked a higher high and made that high 90 cents below the 299.50 resistance price. The low was marked 70 cents above the 290.50 support level. Higher high and low!
support - 294.30-293.30
resistance - 299.00, 303.00
March Corn marked it's low 2 ticks above the 427.00 support price, after trading in a narrow, inside range and closing unchanged on the day.
support - 428.00, 425.50
resistance - 431.00, 434.00
March SRW Wheat marked it's low 2.50 cents below the 550.00 support price, after selling off from the overnight high of 556.00. The November 14th low is 1.25 cents below yesterday's, therefore, we are working on a double bottom. Friday may show some weakness, but I expect buyers to be lurking.
support - 546.25, 542.00
resistance - 555.00, 565.00
March HRW Wheat eclipsed the November low by a few ticks. This should be a good double bottom.
support - 543.75, 541.50
resistance - 559.00, 567.00
March Spring Wheat was a selling bloodbath and closed down 10.25 cents for the day at 591.25.
support - 584.50
resistance - 608.50, 613.00
December S&P marked a rare down day and printed the low 3 bucks above the lower 5997 support point, after selling off about 47 bucks from the high. As of today's abbreviated session, the stocks have rebounded more than halfway back to the top. The bull is alive and well. Since 2 days before the election, the S&P has only marked 5 down days out of 19.
support - 6007-6000
resistance - 6053.25 - the high
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