Sep Wheat - 1.00 Higher
Sep Corn - 0.50 Lower
Sep Soymeal - Steady
Nov Beans - 0.25 Higher
September Crude Oil once again rifled through support levels in sympathy with stock markets, where fear levels have reached their highest point since the covid selloff in 2020.
support - 73.00
72.70, 71.25
resistance - 74.45
77.30
September Soybeans marked their low 6.50 cents below support, then rallied 27 cents low to high, stopping a couple of ticks below the 1033.00 resistance.
support - 1018.00
1005.00
resistance - 1044.00
1055.00
November Soybeans:
support - 1028.00
1016.00
resistance - 1054.00-1058.00
1083.00
September Soymeal marked it's low 2.00 bucks below the 330.00 support level, then rallied 10 bucks from there (330.00).
support - 336.00
334.50
resistance - 342.50
351.00
September Corn marked it's low 2.75 cents below the 381.50 support price, then rallied 12 cents low to high.
support - 389.50
387.00
resistance - 397.00
409.00
December Corn:
support - 403.00
400.50
resistance - 413.00
423.50
Despite the heavy selling in the grains, both corn and soybeans marked a higher low from last Thursday, and closed on a higher high - a positive development.
September SRW Wheat flushed out all the sell stops, then reversed to close up 1.50 on the day.
support - 532.00
527.00
resistance - 550.00
556.00, 571.00
September HRW Wheat marked it's low 5.00 cents below the 550.00 support level, then reversed higher, and closed up 17 cents from the low.
support - 555.00
548.50
resistance - 578.00
590.00
September Spring Wheat marked it's low 2.25 cents below the 585.50 support price, but closed 2.00 cents above that mark.
support - 583.00
578.00
resistance - 600.00-602.00
619.00
Sep S&P looks like it achieved capitulation during today's trade, marking a V low that also looks like an inverted head & shoulders on heavy volume. Rumor has it that some hedge funds had to liquidate gold positions to cover margin calls in the stock market.
support - 5192
5020
resistance - 5280
5356
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