March Wheat - Steady
March Corn - 1 Lower
March Soymeal - 0.30 Lower
March Beans - Steady to 1 Higher
February Crude Oil rallied up through the 75.35 support today, and closed near it.
support - 74.95
73.05
resistance - 76.18
76.90
January Soybeans bottomed about 3 cents above support and rallied 11.50, closing above the 1308.50-1310.00 resistance level.
March support - 1313.50
1310.00
March resistance - 1328.50-1331.50
1343.00
March Soymeal marked it's low 2.20 points above lower support and rallied 4.50 and closed above the first resistance level.
support - 393.80
390.30
resistance - 399.00
402.00
408.50
March Corn marked it's low, bottoming at the 471.50 support level and rallied 7.50 cents, then closed above the 2nd resistance level.
support - 478.50
475.50
resistance - 485.00
487.50
492.00-494.00
March SR Wheat marked the low 2 cents below the 613.50 support, then rallied 21 cents, closing above the upper resistance level.
support - 632.00
628.50
resistance - 649.50
665.00
685.00
March KC Wheat marked it's low 1 penny above the 619.25 support, then rallied more than 20 cents, closing in that 643-645 target range.
support - 642.25
640.00
633.50
resistance - 662.50
668.00
675.50
March Spring Wheat marked the low 2 cents below the first support level, then rallied 15 cents to the middle resistance level.
support - 725.00
722.50
resistance - 741.00
748.00
754.50
769.00
March S&P was too strong to trade down to support, then rallied 21 points while marking the high about 3 points above the first target of 4831. Stay long.
support - 4820
4808
targets - 4874
4904
5000 - psychological
As expected, all the grains broke out to the upside today. Look for near-term follow through. Remember the weekly and monthly charts, as they suggest large upside potential over the next several months and year.
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