March Wheat - 1 to 2 Higher
March Corn - 0.5 Lower
March Soymeal - 0.1 Higher
March Beans - 2 to 3 Lower
February Crude Oil marked it's low in between the 2 support levels.
support - 73.10
71.85
resistance - 75.65
76.90
March Soybeans marked the low 1 cent below 1310 support then rallied about 12 cents.
support - 1315.50
1308.50
resistance - 1326.00
1333.00
1345.50
March Soymeal marked it's low between the 2 support levels then rallied about 3 bucks.
support - 392.00
389.00
resistance - 396.50
399.00
402.00
March Corn marked it's low 1 cent below 475.50 support after selling off about a nickel.
support - 475.50
474.00
resistance - 481.00
485.50
March SR Wheat crashed through all support levels.
support - 621.50
612.00
resistance - 630.50
640.00
649.50
March KC Wheat was weaker than expected also, but rebounded almost a dime from the lows.
support - 632.50
626.50
resistance - 640.00
648.00
657.50
March Spring Wheat marked it's low 4.25 cents below the 722.50 support after selling off about 7 cents.
support - 718.00
711.50
resistance - 726.50
733.00
740.50
March S&P marked it's low 3.5 dollars from the 4820 support after selling about 15 bucks down.
support - 4832.50-4830.00
4816.00
resistance - 4874.00
4909.00
I realize the masses are maintaining sell, sell, sell in the corn pit, but I still see the bulls making progress. There was heavy volume on today's low, indicating a floor on prices. The fund bulls created a higher low today.
I believe the outlook for next week will look good if March Corn can close at 482.50 or better this week. This is only 6 cents higher. January in South America is the same as July here in the US when we tend to get rallies, especially if one has not occurred yet.
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