March Wheat - 0.75 Higher
March Corn - Steady
Jan Soymeal - Steady
Jan Beans - 0.50 Lower
January Crude Oil got slammed today, and was down over 2 bucks on the day. There's a good chance we are starting to price in the incoming increase in supply that the market expects. The rally which began on November 18th is likely over.
support - 68.65, 68.40
resistance - 69.90, 70.40
January Soybeans gapped up on the open last night, rallying as much as 8 cents, then utilized the pit session to fill the gap, and only closed up 2.75 cents for the day. Markets that gap up from a low often signal the beginning on an up trend, even if the gap is filled.
support - 983.00-981.00
resistance - 983.25 - breakout level, 999.00
Check out last night's bona fide gap up on the 1 hour soybean continuation chart:
January Soymeal was the driver of the oilseed complex today, rallying as much as 7 bucks this morning. This is a good sign for bean bulls.
support - 295.20, 293.50
resistance - 299.50, 304.00
March Corn set back 2 pennies on the day, because today was the liquidity roll for corn and wheat - the money is moving from December to March, and the disparity between the 2 charts was trading between 8 and 9 cents today. The continuation chart had to fill the gap formed because the March contract is higher in price than December.
support - 431.50, 429.00
resistance - 439.00-442.00, 455.00
March Wheat was down 8.25 because the liquidity gap was bigger than was in corn.
support - 554.00, 550.50
resistance - 569.00, 580.00
March HRW Wheat:
support - 556.00, 553.00
resistance - 568.00, 574.00
March Spring Wheat's low of 594.50 was very close to last Thursday's swing high in the December contract. Also, the March contract traded to within 1 cent of the August 26 low of 585.50 on November 14th - effectively creating a strong double bottom.
support - 594.00, 591.50
resistance - 605.50, 613.00
December S&P also traded a bullish gap up open last night, and although the gap filled during late morning trade, they closed up 27 bucks at the time of this writing.
Today's high was only 13 bucks shy of the all time high from November 11th. Look for further nearterm upside here.
support - 6005, 5976
resistance - 6040-6053 - breakout higher
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