March Wheat - Steady
March Corn - Steady
March Soymeal - 0.1 Lower
Jan Beans - Steady to 1 Higher
I stand by yesterday's corn comments. The fact that the market needed to test the November 29th low of 470.50 is certainly reasonable. There was once again outstanding volume on the lows during the middle of the trade session. This is more rare - to see this volume anomaly 2 days in a row. Let's watch things develop.
February Crude Oil moved up again today, rallying to a high of 75.27, which rests in between the 2 resistance levels.
support -72.30
70.90
resistance - 75.40
77.00
January Soybeans marked it's high 1.75 cents above the 1320 resistance level, then sold off about 13 cents, almost reaching the 1304.00 support.
support - 1307.50
1299.00
resistance - 1318.00
1322.00
1338.50
March Soybean Meal marked it's low 0.9 below the 387.00 support level, after selling off about 7 bucks.
support - 387.10
385.30
resistance - 391.50
394.00
397.50
March Corn marked it's low 1.25 cents below the 369.50 support level.
support - 469.00
resistance - 475.50
478.25
482.50-483.75
March SR Wheat tested a lower support level of 609.00 which was not stated.
support - 608.75
601.50
resistance - 625.00
633.00
March KC Wheat marked it's low 1 cent above the 623.00 support level after selling off about 15 cents.
support - 624.00-623.00
620.00
resistance - 642.50
648.00
662.50
March Spring Wheat marked it's low 2 cents below the 718.00 support level after selling off about a dime.
support - 717.50
713.50
resistance - 726.50
733.00
741.00
March S&P corrected 70 points down today. It touched 4745 support, that was not stated.
support - 4747.75
4696
resistance - 4789
4831