March Wheat - Steady
March Corn - Steady/mixed. Bids run 2 Higher to 2 Lower & Offers run Steady to 4 Lower
March Beans - Steady to 1 Higher
From yesterdays March Soybeans comments - "Looking for support between 1460-1454." - Beans were unable to trade any lower than yesterday's low of 1462.50 on today's trade. Instead, they rallied overnight and today closing up +18.75 cents to 1484.25, a sign of strength of course.
Support for March beans remains about 1460 and resistance is 1508. If beans can push through this resistance at 1508, the rally should accelerate.
After yesterday's key reversal up in Jan Soybean Oil, it had very nice follow through buying today to close up +1.97 to 64.17. For tomorrow, resistance will be at the top of the midway gap @ 67.38. Here is today's Soyoil chart.
The March Soybean Meal was rather tame today - no more correcting downward but not much of a rally either, closing up +0.80 at 453.10.
Both March Wheat and Corn had correction days (backfilling) today. If last weeks low of 723.50 is a good solid low on the March Wheat charts, the 740 price level should hold tomorrow. Today's low and close was 750, about 4.5 lower on the day.
The positive news is that the morning highs were not accompanied by exciting/big volume - If Wheat was going to begin another down leg on the daily charts, you would see impressive volume (stopping volume) at the swing highs.
However, there is the possibility for a test of that low at 723.50. I simply don't have a very clear picture for March Wheat at this time. I need to see how tonight and tomorrow's trade behaves - the price action. I will follow up tomorrow on this.
March Corn traded down to 652.50 this afternoon. You will see the 749 support level on the 2 hour March Corn chart below.
Jan Crude Oil Update: Good follow through buying strength today (up over +2.00 at the highs) until the 76.00 area caused some consolidation (selling). The 74.00 level below should be the place where the fund buyers lie in wait for the next leg up. Check out today's Jan Crude chart.
