March Wheat - Steady to 0.25 Higher
March Corn - 2.50 Higher to 1.25 Lower
March Soymeal - 0.50 Higher
March Beans - 0.75 Higher to 0.50 Lower
March Crude Oil marked it's low 18 cents below the 70.40 support level, then rebounded about 1.25 to the swing high which was near the close, as well.
support - 70.20, 69.35
resistance - 71.70, 72.70
March Soybeans marked the low 1.25 cents below the 1025.50 support price, then the buyers took it up about 8 cents low to high. With todays low testing yesterday's, it looks like a double bottom. Tomorrow will tell.
support - 1026.25, 1024.00, 1019.50
resistance - 1042.50, 1057.00
March Corn marked it's low 3 ticks below the 486.00 support point, then rallied 9.00 cents low to high, closing 3 ticks from the high. The roughly 62% correction this morning from yesterday's rally bodes well for higher prices. It's always healthy in a bull for regular backfills to occur. Interestingly, since the correction began on January 22nd, all the up and down legs formed an inverted head and shoulders pattern that projects to 525.00. It's always good to have a pattern which corroborates a price target based on price action to the left - a gap. Check out the corn correction/pattern.
support - 491.50, 489.00
resistance - 498.00-499.00, 511.00, 525.00-531.00
March SRW Wheat marked it's low 1.50 cents below the 573.00 support level, then rallied about 9.50 cents to the high. Soft wheat closed up 3.25 cents for the session.
support - 575.00, 571.00
resistance - 584.50, 588.00, 593.00 - choppy to the left.
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