March Wheat - Steady
March Corn - Steady to 1 Higher
March Beans - Steady to 1 Lower
Price fell down to the 2nd level of support on the March Corn 1 hour chart today, very near the 62% retracement level of the up move from 12/7. Also noteworthy, the low 5 min bar at 9:30 AM CST at the low of 644 was the highest volume bar of the session.
Anytime the highest volume bar occurs not on the open and it marks a swing low, that support level is reinforced because we know the funds came in guns blazing - buying an abundance of contracts - they will defend 644 if it is tested tomorrow.
I expect an up day tomorrow. Please see the 1 hour March Corn chart below, followed by the 5 min chart highlighting the tremendous buying volume on the low bar.
January Soybean Meal made a slightly lower low today but still remained above the breakout point of 443.30 - I expect this area to be sturdy support if price decides to sell off lower than today. Here is the daily meal chart.
January Soybeans tested last weeks low at 1462.5 today. Remember, last week was a very small range so energy is ramping up and for whatever reason (Roger will provide this) down is the first direction of the week. I expect the 1458 area to hold support tomorrow, and price should rally from there - this area is marked by 2 trendlines on the daily continuation chart - the uptrend line from the 2020 lows and a more recent one. Check it out.
March Wheat sold off about 5 cents today and closed directly above my uptrend line on the 2 hour chart. I want to see this line hold on a closing basis, otherwise this market will test the 723.50 low. I hate to sound wishy washy, but there are mixed signals here in wheat - too much political energy going on here but because of this energy, I think the 723-720 area will be defended by fund buying. Here is the updated March Wheat.
The Crude oil contract has rolled to February. Feb Crude Oil had a nice buy day today and it was up 1.41 to 75.87 at mid afternoon time. I expect the up move to continue with 81.50 - 82.00 being the most conservative price before another correction occurs. Please see today's chart.
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