date:Oct 22, 2012
king, corn is back above $7.50 and back above the 20-day moving average that was providing resistance earlier this week on the December daily chart. The next resistance level to keep an eye on is the high reached near $7.75 after last weeks USDA reports. For soybeans, the market has rebounded sharply off of multimonth lows printed Monday to trade above the 38% Fibonacci retracement level in the $15.25 area. Overhead resistance now comes from the 100 and 20 day moving averages in the $15.50 area