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San Diego | On the January chart, resistance is layered from $14.50 to $14.62(the 200-day moving average)
Support for the market is at $14.29 on the 10-day moving average, and the 20-day moving average at $14.39. South American looks to continue its recent pattern in the near term with Argentina wet, southern Brazil dry, and northern
Brazil normal.
Once the Jan soybean market failed to establish trade above the 200 day moving average at 1462 ½, a modest round of profit-taking commenced in the ag complex... unsupportive: the export inspections were poor across the board, nothing will be done to the river until jan., some rain for wheat in forecast
no more crop condition reports til next spring, i.e. no winter wheat condition tonite as last week was last one of the season... march chicago wheat had 40-day SMA and 50-day SMA and 38.2% Retracement from 4 Week Low at 877-79... march corn last week high was the 100-day SMA touch... 50-day at 746-7
ag complex moving into overbought zone now
http://stockcharts.com/freecharts/candleglance.html?WEAT,CORN,SOYB,...
Cheers!
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14.39 is 20-day SMA support
