May Corn bottomed on February 26th last week. The Friday publishing of the commitment of traders - futures only report - showed that the corn funds bought a net 33,000+ contracts from the 20th - 27th of February.
The interesting part of this is the fact that corn sold off 13 more cents (for 3 days) while the funds were buying (covering shorts and new longs) - it appears that they were planning the corn low, if you will.
Here is the report: https://www.cftc.gov/dea/futures/deacbtsf.htm
April Crude Oil marked it's low a dime above the 77.95 support level, then rallied through resistance for 2.50+, closing at 79.81. This is a multi-month upside breakout - a good sign for the grain bulls!
support - 79.60
79.00
resistance - 81.50
83.50
May Soybeans marked it's low 3 ticks above 1136.50 support, then rallied for 15 cents.
support - 1148.50
1143.75
resistance - 1152.50 - breakout
1162.00
1190.50
May Soymeal marked it's low 2.20 above support, then rallied 5 bucks.
support - 344.00
331.40
resistance - 334.50 - breakout
344.00
May Corn corrected some and marked the low 1 cent above the lower 421 support.
support - 422.00
416.50
resistance - 434.50 - breakout
446.00
448.50
May SRW Wheat tested the February 20th low on Friday, blowing through support.
support - 555.25
552.50
resistance - 562.00
577.00
May HRW Wheat also sold off below support.
support - 562.00
560.50
resistance - 573.50
587.00
May Spring Wheat sold to test old lows.
support - 640.50
631.00
resistance - 653.00
660.00
March S&P marked it's low 1 buck above the 5088 support, then rallied 60 bucks.
support - 5123
5116
resistance - 5186
5200
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