March Wheat - 0.25 Lower
March Corn - Steady
March Soymeal - 0.10 Higher
March Beans - 1.50 Lower
April Crude Oil marked it's low 33 cents above the 71.40 support level, then indeed rallied above yesterday's high in another up leg. The rally was almost 1.50 and about half the length of the first up leg. 50% to 62% of the 1st leg is a normal C leg in a correction against the trend which is down.
support - 71.70, 70.85
resistance - 72.70 - if the high is in, 73.07-73.10
March Soybeans gained 12.50 cents on the day, staying above support and marking an inside day. At this point it feels like the energy is more up than down - was not able to test yesterday's low just below 1030.00.
support - 1035.00-1032.00, 1028.50
resistance - 1047.00-1050.00 - upside breakout, 1057.50
March Soymeal also traded an inside day. The difference is meal was a small range, making the odds of an upside breakout higher.
support - 294.00-293.40, 292.00
resistance - 301.00 - breakout higher, 303.00-305.00
March Corn traded in between support and resistance in a small range consolidating day. With options expiring tomorrow, I expect lower prices before a continuation of the rally.
support - 492.00+/_ 1.00 - March, 505.50-504.50 - May
resistance - 505.00, 510.00 - March, 518.00-520.00 May
March SRW Wheat marked it's low 1.00 cent below the 584.50 support price, after selling off about 11 cents from the overnight high. Wheat has traded an A-B-C down correction with 2 distinct down legs. Don't know for certain, but look for signs of buying tonight and tomorrow.
support - 583.50, 576.50
resistance - 596.00, 609.50
March HRW Wheat marked it's low 1.50 cents above the 604.00 bracketed support level, after selling down about 15.50 cents high to low. Same idea for hard wheat.
support - 605.50-604.00
resistance - 621.00, 631.00
March Spring Wheat retraced yesterday's range almost exactly, marking the high at the stated 645.00 resistance price and selling of about 14 cents, to 2.00 cents above support. The net change on the day was down 0.75 cents.
support - 631.00, 627.00
resistance - 645.00, 656.00
March S&P sold off about 56 bucks from high to low, taking out support by 15 bucks.
support - 6101, 6086
resistance - 6145-6150
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