Sep Wheat - 0.25 Lower
Sep Corn - 0.50 Lower
Aug Soymeal - 0.40 Lower
August Beans - 1.25 Lower
August Crude Oil went down to test the old low to the left and marked the low 2 ticks below the 80.20 support level, then rallied almost 1.50. Crude's trading in a channel between 80.20 and about 81.75.
support - 80.55
80.20, 80.00
resistance - 81.75
83.35
August Soybeans marked it's low 2 ticks below the 1140.50 support price, after selling off about 17 cents from the overnight high.
support - 11.38.00-1135.00
1124.50
resistance - 1152.50
1158.00, 1165.00
August Soymeal marked it's low 2.50 bucks below the 349.00 support in order to stop out more weak longs for energy. The oilseeds are still base building. Soyoil tested a significant old low today.
support - 346.50-345.50
342.50
resistance - 354.70
357.00, 359.70
September Corn marked it's low close to a bisection of the 2 given support levels, after selling off 11.50 cents from the overnight high. Very high trade volume again today.
support - 433.00
426.00, 421.00
resistance - 435.00-436.00
441.00
September SRW Wheat marked the low 1 tick above the 557.50 support level, after selling off from just below the 575.00 resistance point. The sellers are drying up.
support - 557.75-556.00
544.00
resistance - 573.00
579.50
September HRW Wheat marked the low 2 ticks above the 579.00 support. This price action is encouraging for the bulls.
support - 579.50-576.25
572.00
resistance - 595.00-596.50
608.50
September Spring Wheat marked the low 1 tick above yesterday's low, painting a near perfect Doji bar. This price action tells us that their is indecision - shorts are losing control. The trade volume this morning was 2 - 3 times greater than the last 5 days average during a 10 cent rally - shorts covering along with new fund buying.
support - 602.00
597.50
resistance - 615.00
632.50
Sep S&P traded sideways again today, marking the low in between the support levels, and below resistance. This market is consolidating (accumulating energy) before it's next upleg.
support - 5512
5489
resistance - 5547
5560

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