Corn: down 2 to 4
Soybeans: down 6 to 8
Wheat: down 1 to 3
Tech Talk from the Tech Guy
22 February 2022
We are leaving the March contract and rolling (moving) to May contracts in all grains because that is where the trading volume (largest number of contracts traded) has moved.
Below is the daily continuation chart in soybeans.
As mentioned last week, we were looking for beans to test $16.33. It ran through that price by 8½ cents today and settled 2 cents above it at $16.35.
When a level of resistance is broken ($16.33 in this case), that area of resistance becomes an area of support. So, now, we will see if $16.33 to $16.30 functions as support. The next level of support is $16.12 to $16.10 and then $15.91.