Soybeans, wheat and corn are all higher, mostly trading off of the weaker dollar, not to mention the fact that these are thin holiday markets.
Jan beans opened at 1012, posted a low at 1011 1/2, rallied to 1017 and is currently up 14 1/2 cents at 1014. Resistance to keep in mind is the 1021-1025 level. We recently went down and tested the support area at 985, only a few sessions ago.
March corn is up 5 1/2 cents at 414. CH opened at 415 1/2 posted a low at 413 3/4 and a high at 418 1/2.
March wheat opened at on its low at 530 and then rallied up to its high 549 1/2, drawing near to the 550 strike price. Once again, volatility with out liquidity is the name of the game.
The dollar index is down 7 ticks at the 77.61 level. It looks like everyone and their brother is looking at the 80 to 81 level as a target. Short term, we could pretty much go anywhere. This holiday market will have movement which is really suspect due to the limited number of players in the market.
Gold an silver are mixed today while crude oil is up with Feb oil trading
Feb Crude has now rallied 8 dollars in 9 trading days. Although that is impressive, the contract must settle above 81 dollars for this rally to be anything other than a short-covering, holiday induced thin volume rally. Volatility is assured, direction is not.
