Sep Wheat - 0.75 Lower
Sep Corn - 0.25 Higher
Aug Soymeal - 1.50 Higher
Aug Beans - 2.25 Lower
August Crude Oil marked it's low 32 cents below the 82.40 support level, after selling off about a buck.
support - 81.70
80.90
resistance - 83.50
84.60
All of the grains completely violated support today. Beans and meal had fakeout breakouts to the upside on Friday's trading.
August Soybeans.
support - 1145.00
1140.00
resistance - 1156.00
1163.50, 1170.00
August Soymeal.
support - 348.50
344.00
resistance - 354.00
358.00, 360.00
September Corn marked new contract lows on heavy selling. Today's action looked like more capitulation, potentially by producers. Corn was testing weekly lows in between 391.75 - 390.50.
support - 390.50
385.00, 376.50
resistance - 405.00
412.50
September SRW Wheat.
support - 566.00
559.50
resistance - 583.00
592.50
September HRW Wheat. If wheat can reverse higher tomorrow, up to 589 or so, it would complete a fakeout/shakeout pattern reversal higher. This kind of trade action traps new shorts on new lows, with a swift reversal higher.
support - 575.50
573.00, 561
resistance - 588.50
600.00
September Spring Wheat took out lower support by a dime.
support - 615.50-613.00
602.00
resistance - 635.00-636.50
643.00
Sep S&P marked it's low 1 buck below the 5610 support, then rallied about 27 bucks to the high, which was 10 bucks above the 5627 resistance level.
support - 5614-5610
5595
resistance - 5646
5675
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