March Wheat - Steady to 1 Higher
March Corn - Steady to 1 Lower
March Soymeal - 1.50 Higher
Jan Beans - Steady
Today's price action in March Corn tells us that today's low or within 2 cents is a solid low price that will be in place for weeks or months. This is so because the trading volume at 473 and below was immense (3-4X average) compared to other trading days and prices. Price should begin to mark up from today.
The volume for each price is usually below 3000 contracts. Today, there was 7700, 11,000, and 9000 contracts traded at 3 different prices at 473 and below. This is capitulation/exhaustion - the white flag was waved.
February Crude Oil marked it's low 4 cents from the 72.10 support level, then crude rallied 2 bucks to get within 30 cents of the 74.75 resistance - Potential profit - $2000/contract.
support - 72.45
71.00
resistance - 74.60
76.85
January Soybeans marked it's low at the 1309.50 support after selling off almost 20 cents - $1000/contract.
support - 1309.50
1304.00
1299.00
resistance - 1320.00
1329.00
1336.50
March Soybean Meal marked it's low 0.40 dollars below the 394.00 support level, after selling off from 401.50 last night - $750/contract.
support - 391.10
387.00
resistance - 401.80
408.50
March Corn marked it's low 1 cent above the 470.50 support level after selling for 6 cents - $300/contract.
support - 471.50-469.50
resistance - 478.50
483.00-484.50
March SR Wheat marked it's low 1.25 cents above the 610 support level, then rallied 12 cents - $600/contract
support - 620.00
616.50
resistance - 627.00
632.00
643.50
March KC Wheat marked it's low 2 ticks below the 623.50 support level, then rallied 17 cents - $850/contract.
support - 635.00
623.00
resistance - 643.50
662.50
675.50
March Spring Wheat marked it's low 1 cent below the 719.00 support, then rallied 11 cents - $550/contract.
support - 724.00
718.00
resistance -732.00-734.00
741.00
748.00
March S&P marked it's low 2.75 points above the 4785 support price, then rallied 33 points - $1650/contract.
support - 4808
4795-4791
targets - 4827
4856
The S&P and Nasdaq closed above the 2021-2022 highs today. Look for the stock market to continue accelerating higher over the next weeks and months.