Corn: The March contract closed 6.25cts higher. The secondary (intermediate-term) trend appears to have turned up following the establishment of a key bullish reversal by the March contract. After posting a new low of $4.35, the contract rallied to close above its previous high of $4.54. The initial upside target is near $5.03 1/2, a price that marks the 38.2% retracement level of the previous downtrend.
Soybeans: The March contract closed 7.25cts higher. The secondary (intermediate-term) trend remains sideways. The March contract is holding above 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 36.75cts lower. The secondary (intermediate-term) trend on the weekly chart remains down. The March Chicago posted a new low of $5.60 1/2, well below major (long-term) support on the monthly chart at $5.81 1/4. Weekly stochastics are in single-digits, with 20% indicating an oversold situation.
Cotton: The March contract closed 0.35ct 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. The contract is now testing initial support at 82.41, the 33% retracement level of the previous rally from 76.65 through the recent high of 85.29. The 50% retracement level is down at 80.97.
Live Cattle: The February contract closed 0.40 higher. The secondary (intermediate-term) trend is up. The February contact moved to a new high of $137.325 despite weekly stochastics that are already above the overbought level of 80%.
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