March Wheat - Steady
March Corn - 0.25 Higher
March Soymeal - 0.10 Lower
March Beans - 0.25 Higher
March Crude Oil confirmed the end of the up correction with an undeterred down leg today and was off 2.09, slashing the 71.85 support level which now becomes resistance.
support - 70.60-70.40, 69.35
resistance - 71.85, 72.70
March Soybeans marked the low 7.25 cents below the 1031.75 support price, stopping out as many longs as possible. Volume near the low suggests capitulation/exhaustion.
support - 1025.50, 1019.50
resistance - 1043.00, 1057.00
March Soymeal marked it's low at the stated 293.40 support point, after selling off about 4.50 bucks from last night's high.
support - 293.90-293.40
resistance - 298.00, 303.00
March Corn rebounded 6.75 cents on the day, as expected, and before that marked an early morning low 3 ticks below the 482.25 lower support price. Corn has been correcting/consolidating for about 3 weeks. Historically, grain corrections usually take 3-4 weeks. We will pay close attention next time price trades to 498.00.
support - 488.25, 486.00
resistance - 497.00-499.00, 511.00, 525.00-531.00
March SRW Wheat marked it's low 3 ticks below the 573.50 support level, then rallied about 14.50 cents low to high. It later sold back down to test the lows.
support - 573.00, 566.50
resistance - 585.00-588.50, 593.00
March HRW Wheat marked it's low 1.25 cents below the 590.50 support price, then rallied about 11 cents.
support - 591.00-589.00, 586.50
resistance - 601.00-602.00, 607.00
March Spring Wheat marked it's low 3 ticks below the 615.50 support price, after selling off about 11 cents from the high.
support - 613.75-612.50, 611.00
resistance - 625.00, 631.00
March S&P could not hold up in the channel and sold off to older support in the 6020-6015 area, then snapped back up close to the highs at 6100.
support - 6064, 6040
resistance - 6100, 6125
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