Corn: The March contract closed 4.00cts lower. While the secondary (intermediate-term) trend remains sideways, the move to a new low this past week by the nearby March contract could send the market into a downtrend. Weekly stochastics remain in an oversold situation (below 20%). Secondary support is at the new low of $4.17.
Soybeans: The March contract closed 42.50cts lower. The secondary (intermediate-term) trend remains sideways. The March contract is testing minor support near $12.68 1/2, a price that marks the 67% retracement level of the previous rally from $12.33 1/4 through the high of $13.39 1/4. Secondary support remains near $12.41 3/4.
Wheat: The Chicago March contract closed 3.25cts lower. The secondary (intermediate-term) trend on the weekly chart remains down. However, the March Chicago contract was able to rally off its new low of $5.95 1/2 to post only a minor weekly loss. Weekly stochastics remain well below the oversold level of 20%, nearing a bullish crossover that could possibly turn the trend.
Cotton: The March contract closed 1.18cts lower. While the secondary (intermediate-term) trend remains up, the March contract has fallen back from its test of resistance between 83.63 and 85.96. These prices mark the 50% and 67% retracement levels of the previous downtrend from 90.61 through the low of 76.65. Initial support is pegged at 82.41, then 80.97.
Live Cattle: The February contract closed 1.35 higher. The secondary (intermediate-term) trend is up. The February contact moved to a new high of $136.75 putting weekly stochastics near the overbought level of 80%.
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