GRAINS
March Corn closed up 1 3/4-cents at 4.35 3/4. March corn closed higher on Monday as it extends the rally off January’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends the rally off January’s low, December’s high crossing at 4.40 3/4 is the next upside target. Closes above December’s high crossing at 4.40 3/4 are needed to confirm that a seasonal low has been posted. Closes below the reaction low crossing at 4.21 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 4.38 3/4. Second resistance is December’s high crossing at 4.40 3/4. First support is the reaction low crossing at 4.21. Second support is January’s low crossing at 4.06 1/4.
March wheat closed up 8-cents at 5.63 3/4. March wheat closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.71 are needed to confirm that a short-term low has been posted. If March extends the decline off October’s high, weekly support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.71. Second resistance is the reaction high crossing at 6.12 3/4. First support is last Thursday’s low crossing at 5.50 1/4. Second support is weekly support crossing at 5.00.
March Kansas City Wheat closed up 9 1/2-cents at 6.25. March Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 6.26 1/4 are needed to confirm that a low has been posted. If March renews this fall’s decline, psychological support crossing at 6.00 is the next downside target. First resistance is the 20-day moving average crossing at 6.26 1/4. Second resistance is the reaction high crossing at 6.32 1/4. First support is last Wednesday’s low crossing at 6.08 3/4. Second support is psychological support crossing at 6.00.
March soybeans closed up 10-cents at 12.92 3/4. March soybeans closed higher on Monday and above the 20-day moving average crossing at 12.87 confirming that a short-term low has been posted. Today’s high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends today’s rally, January’s high crossing at 13.30 1/2 is the next upside target. If March renews the decline off January’s high, the reaction low crossing at 12.56 1/4 is the next downside target. First resistance is today’s high crossing at 12.99 3/4. Second resistance is January’s high crossing at 13.30 1/2. First support is last Thursday’s low crossing at 12.60. Second support is the reaction low crossing at 12.56 1/4.
March soybean meal closed up $7.90 at 434.00. March soybean meal closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If March renews the rally off January’s low, December’s high crossing at 440.40 is the next upside target. Closes below the reaction low crossing at 413.80 would renew the decline off January’s high. First resistance is January’s high crossing at 440.20. Second resistance is December’s high crossing at 440.40. First support is reaction low crossing at 413.80. Second support is the reaction low crossing at 409.00.
March soybean oil closed down 19-pts. at 37.45. March soybean oil closed lower on Monday. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 38.45 are needed to confirm that a short-term low has been posted. If March extends the decline off November’s high, weekly support crossing at 36.31 is the next downside target. First resistance is the 20-day moving average crossing at 37.72. Second resistance is the reaction high crossing at 38.45. First support is last Friday’s low crossing at 36.80. Second support is weekly support crossing at 36.31.
