Pivotal Poin In Grains

This is Matt Rice with the Market Line Report for Feb 26th. Grains looking at getting over this hump in the market, as numbers are being tested at these key levels. Oliver Sloup goes over the details from the floor of the CME in Chicago with II Trader.

Sloup "Some profit taking across the board the past couple of sessions. Corn, Soy beans, wheat all under a little bit of pressure as of late. After failing against technical resistance earlier in the week. I want to start off looking at the corn market and the key technical levels that we're looking at. $3.64- $3.67 ¾ is going to be major resistance, that's previous support now becomes resistance. That's the 20 and 50 day moving average, as well as the 50 % retracement from the Dec high to the Jan low, so that's going to be very key for the bulls."

Chicago March Wheat ended the day up 2 ½, at 443 ¾. March corn ended the day dn 4 ¼, at 356. Portland prices for soft white wheat of 10 ½ % protein for Feb were dn 37, ranging from 5-50 to 5-87. Hard Red Winter wheat with 11 ½ % protein, prices for Feb were up 3 ½, ranging from 5-36 ¼ to 5-46 ¼. DNS wheat with 14 % protein, prices for Feb were up 1, ranging from 5-96 ¼ to 6-06 ¼. Feb Live Cattle closed the day up 80 cents, at 137.77 ½. March Feeder cattle were up $1.07 ½, at 159.02 ½. Feb class III milk was dn a penny, at 13-80.