March Wheat - Steady to 1 Higher
March Corn - Steady to 1 Lower
March Beans - 2 to 3 Lower
Bumps/inflection points on the left side of the chart create support and resistance on the right. I found another balance line in March Wheat today which created a sort of magnet to bring prices down to the 750 area.
This point also creates a place where fund longs like to jump in because it is low risk for the buy side. I don't think wheat sells off to the 744-45 level tomorrow. Rather, the more likely scenario is for an up day, with resistance at 777. Check out today's March Wheat chart while noting the new blue balance line running down to the right.
March Corn gapped up last night and that gap served as support during the latter half of the day session. Corn ultimately marked a small up day today, closing 2 pennies below the daytime opening high after working out a higher low and next probably threatening to test the resistance line at the 688-689 level.
This line (688-89) will most likely be the next area for price and then we will have to see how much selling occurs there or if corn can break through higher. Here is the updated March Corn 2 hour chart.
The gap up last night also served as support during the morning session today in March Soybeans. 2 pennies of the gap remain open currently. After a couple of day's to confirm it, this might be a breakaway gap from the last almost 8 months of trade.
If so, the gap could also be used as a measuring gap to confirm our upper targets. I will go more in depth on this matter later this week, but today was a win for the bulls. Resistance above is the upper triangle line around 1558, only a dime higher from today's close. Support is the bottom of the gap. Here is today's chart for March Soybeans.
March Soymeal is reluctantly climbing up back towards the 508 high while painting 3 Doji's in a row. This behavior is indicative of a lot of indecision - strong buyers and sellers duking it out and there is no clear winner yet.
The primary energy is firmly in the up direction for meal, but there is some big money wanting a bigger selloff from here. Between Fridays close of 490.80 and today's low of 492.70 serves as support for tomorrow and the funds will also probably attempt a new high for the move above 501.50.
Check out today's daily continuation Soybean Meal chart.
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