March Soybeans recovered about 19 cents from the correction low on Friday with buyers showing up at the upper 1019.00 support level and above. The Elliot count has beans completing or very near, the number 4 corrective wave down, with a 5 wave/leg up due next. Number 3 up was 78 cents, therefore if there's not an extension on 5, we should expect 78 + 1018.5 (Thursday low - 4 low) = 1097 or higher.
support - 1029.50, 1019.00
resistance - 1043.00, 1055.00
March Corn had an upside breakout from the top of the congestion area (481.00), and closed up 9.75 cents on the day just 3 ticks from the high. The next most likely target is 510 to 523, where a longer term backfill/consolidation should occur lasting 2-3 weeks. This is based on both the March and continuation charts.
support - 480.50
resistance - 493.00, 510.00
March SRW Wheat marked it's low 1.25 cents below the 534.50 side of the support bracket, then rallied about 8.75 cents low to high. Wheat seems to be successfully marking a long term low.
support - 536.50, 533.00
resistance - 544.00, 553.00
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