March Wheat - Steady
March Corn - -0.50 - +0.50
March Soymeal - Steady to 0.60 Higher
March Beans - 2.25 Lower
Cotton producers - hang on or hedge long. The weekly breakout higher is double confirmed. Last Friday was the first push up. Today again. There will be big volatility similar to the 2012 corn rally. Will know more when price gets to the gap (101+/-). 125 should come fast with a big, but rapid correction from there. More later.
March Crude Oil marked it's high 3 pennies below the 78.80 resistance, and then it sold off 1.80 dollars, to below the 77.00 support point.
support - 75.45
74.65
resistance - 77.60
78.80
All the grains capitulated today, with corn and beans marking new lows, but Chi wheat did not - heavy volume selling.
March Soybeans blew past support.
support - 1165
1142 - weekly support.
resistance - 1176.00-1180.00
1190.00
March Soymeal held within 7 ticks of the 343.00 support level. This divergence with beans is underlying strength for the complex.
support - 342.70
341.00
resistance - 348.60
350.40
356.00-357.50
March Corn took out support levels today.
support - 423.50
417.25 - 2017 high price
414.00 - weekly support
resistance - 431.50
437.00
March SRW Wheat took out support, but did not mark a new contract or weekly low. It appears the heavy/panic selling occurred near the European market open last night?
support - 582.75
576.50
resistance - 590.00
603.50
March HRW Wheat did make a new low by about 7 cents. I like the triple 3 low on the daily chart for a probable confirmed low today.
support - 582.50
578.25 - weekly support mark.
resistance - 595.50
606.00
March Spring Wheat pushed through the 668.00 weekly support point.
support - 659.00
653.00
597.00 - next weekly support
resistance - 680.00
690.00-692.00
March S&P marked a morning high 4 points above the 5005 resistance level, then it sold off 33 points.
support - 4981
4973
4925
resistance - 5023
5029
5067
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