Fed Chairman Bernanke's statement last week not only supported the US dollar, but now new doubts about Greece and the Euro zones ability to keep things from spiraling out of the financials wizards control is now coming into question. Massive resistance should be found on the US$ in the 80.30-80.50 range. Rushing past that says the issues in Europe are starting to unravel again.
May Corn Daily Chart
Corn did stall after plugging the crop report gap price yesterday, but the strong 20 cent recovery of beans off their low of the day helped reduce losses. Major support is 642-645 and resistance is 672-675.
May Beans Daily Chart
Soybeans stalled and dropped 20 cents from our resistance point that we have been showing since last week, buy like we said yesterday, the first break gets bought. That is what happened within minutes of the day session opening. A close above 1340 really puts some fuel on beans and allows this market to really make people sit back and see a rocket gain altitude. Negative news just creates buying opportunities. That is how cattle were acting since December 7th until last Friday.
Minn May Wheat Daily Chart
Courtesy of outside markets wheat created a false breakout look. As long as damage in the pullback is minimal and kept to just one more day, wheat could still be on track to challenge 860-865. I believe the USDA is wrong in its assessment of a major increase in HRS wheat, it will be corn.
April Crude Daily Chart
The strength in the US dollar is weighing on oil. 103.50-104.00 should be very solid support until the Iran /Israeli tensions can be dialed back. But make no mistake, if the US dollar exploded over 81.00, then oil will get sold down regardless unless there is outright hostilities.
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