This Evening's Opening Calls:
Wheat up 2-4
Corn up 1-3
Soybeans up 1-3
Soybean meal up $5.5 - this is quite a bit!
The soybean chart is testing our patience. Strong buyers (traders and merchants) also have deeper pockets. They can afford to scale in longs at successively lower support levels. Also, soyoil is re-taking the lead (becoming the bull leader) since soymeal led the way until Feb 1. This transition of demand could make the soybean chart more difficult to read.
Last Friday's low at $15.63½ occurred on the 10:30 CST 15 minute bar (similar to what happened in wheat on Jan 31st). Anytime the highest volume occurs in the middle of the trading session with a swing high or low, this is typically a nod that an important level is being marked. Usually, the volume is highest on the open & close. See highlight on 15 min bean chart below.
Notice the higher high on the soyoil chart below (this creates up pressure), as well as 2 more lines which are labeled on hourly soybean chart.
The breakouts in gold and crude are being tested today.
Support levels are labeled on 60 minute bean chart.
The support for March corn is at $6.29 and then $6.24.
For March wheat - $7.70, then $7.63