March Wheat - 0.75 Lower
March Corn - 0.25 Lower
March Soymeal - .030 to 0.70 Higher
March Beans - Steady
March Crude Oil featured the fund longs today, as they took it up 33 cents past the 73.35 resistance level. We could see a B downleg now followed by another leg higher (C) to complete the correction. This is 50/50, because the current up leg could also be The C leg in an irregular flat - B down takes out the low and C takes out previous high, which is what occurred today.
support - 71.85, 70.40
resistance - 73.70, 74.80
March Soybeans marked the low 1.50 cents below the 1043.00 support price, after selling off about 15.50 cents high to low on the USDA news.
support - 1142.00-1141.00, 1131.75 - previous low
resistance - 1157.00, 1167.50
March Soymeal marked it's low 1.10 bucks below the 297.50 support point, after selling off about 6.50 bucks low to high.
support - 296.40-295.50, 293.40
resistance - 303.00, 307.50
March Corn marked it's low 2.25 cents below the 485.50 support level, after selling off about 15 cents on the same news. There was peak volume between 1:05-1:10 PM CST, indicating that further lows are not as likely.
support - 483.25-482.25 - the latter being a low to the left
resistance - 497.50-499.00, 511.00, 525.00-531.00
March SRW Wheat marked it's low 1 tick below the 576.00 support price, after printing a high about 12 cents higher in the morning.
support - 576.00, 573.50, 566.00
resistance - 586.50, 593.00
March HRW Wheat, being the weaker wheat today marked it's low 2.50 cents below the 594.00 support level, after selling down about a dime from the morning high.
support - 590.50, 586.00
resistance - 604.00-607.00, 615.00
March Spring Wheat marked it's low 2.00 cents above the 612.50 support price, after selling off 16.00 cents high to low. All the wheats remain in solid, stairstepping uptrends.
support - 615.50, 612.00
resistance - 631.00, 635.00, 640.50
March S&P marked it's low 3 bucks below the lower 6061 number, then rallied about 41 bucks low to high. Equities have fallen into a narrow range since an hour after the Sunday opening.
support - 6070, 6057
resistance - 6124, 6148
Comments