This Evening's Opening Calls: Wheat up ¾ to 2 cents Corn up ¾ to 2 cents Soybeans down 2 to 3 cents
Buyers showed up in the bean complex today and, to a lesser, extent in corn.
We are expecting a test of the $16.33 Feb 10th contract high in the March soybeans. Support stays in the $15.61 area. March soyoil made a new contract high on the close today and looking for follow-through buying this week for confirmation of the breakout to the top side.
Corn support $6.34, then $6.21.
March wheat settled near support at $7.70 to $7.65.
The chart below is the Euro Currency versus the US Dollar four-hour chart (each vertical line is the high and low trading range for a period of four hours). On this chart, the Euro currency moves inversely of the US Dollar (higher on the chart means lower value for the US Dollar). I am looking for a move above the two blue lines in the near term and finally a breakout above the red line for confirmation of a new trend that will be up, meaning a weaker dollar, which will make US products less expensive for foreign buyers. Due to a prior commitment, there will be no Tech Talk tomorrow evening.
