March Wheat - 0.25 Lower
March Corn - Steady
March Soymeal - 1.20 Higher
March Beans - 1.25 Lower
March Crude Oil marked it's high price 15 cents below the 73.50 resistance level, then sold off about 2.35 while approaching a support level.
support - 70.65, 70.15, 69.35
resistance - 72.15, 73.15
March Soybeans was not finished with it's work filling in price (backfilling) and marked it's low 2 ticks from 1052.50 support that I missed yesterday, after selling off from a new high for about 27 cents.
support - 1052.50, 1048.00
resistance - 1062.50, 1077.00
March Soymeal also traded to a lower support price. Today's support was actually 306.00, and traders front ran by buying the 307.00 level. This behavior leaves would be longs out of the market, so if they want to participate they have to chase price higher - this fuels the up move.
support - 306.90-306.00, 305.50
resistance - 312.00, 314.50
March Corn also marked a higher high overnight, then sold off about 8.50 cents high to low, a little ways through support.
support - 490.00, 487.00
resistance - 498.50, 511.00, 524.50-531.00
December Corn is also in the process of breaking higher from a double bottom formation. The W target is 492.00, and there is a gap to be filled at 502.50-504.00. That range should be the next target higher, but not the yearly high - higher prices are expected after some backfilling and consolidation.
March SRW Wheat marked it's high 1.25 cents below the 585.50 resistance level, then sold off about 14 cents to test the top of the range it just broke out from. The backfill is healthy for higher prices.
support - 569.00-567.00, 557.50
resistance - 586.00, 596.00
March HRW Wheat marked it's high 1 tick through the 603.00 resistance level, then sold off about 14.50 cents, to a few ticks below the 590.50 support price.
support - 587.25, 584.00, 576.00
resistance - 603.00, 616.00
March Spring Wheat marked it's high 2.25 cents below the 634.00 resistance level, then sold off about 17 cents high to low, back into the trading range after faking a breakout higher.
support - 611.00, 604.50
resistance - 632.00-634.00, 640.00
March S&P marked it's low 2 bucks above the 6018 support price, then rallied more than 70 bucks low to high. Equities continue to stairstep higher after the tariff news shock/opportunity.
support - 6066, 6029
resistance - 6148
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