March Wheat - 1.00 Lower
March Corn - 1.00 Higher to 1.00 Lower
Jan Soymeal - Steady
Jan Beans - 1.00-1.50 Lower
January Soybeans marked their low 3.00 cents below the 983.50 support level, after selling off about 13 cents from the high. All the grains are primarily only marking time, but that will not last for ever.
support - 980.00
resistance - 1000.00, 1012.00
March Corn marked it's high directly at the 429.50 support price, after selling off 4.00 cents from the high. I want to show you the big triangle on the daily chart.
support - 429.25, 424.00
resistance - 433.50-436.00, 442.50
March Wheat attracted some buyers today after marking the low 2.25 cents below the 542.50 support point, then rallied about 9 cents from the high. The settlement was up 0.75 for the day - not much, but details matter in the charts. Wheat has closed within a 1 penny range for the last 5 trade days. Confidence is building that this double bottom is for real, and today was the first day wheat actually tested the August 27th low. Check out this pattern.
support - 544.00-542.00
resistance - 557.00, 565.00, 578.00
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