All of the grain complex has rallied over the 20 day ma on the daily chart - except for bean oil. This is bullish. However, they have done this before only to be stopped by the 100 day ma. This is where each market will run into the 100 day ma this time:
Corn: 647.
Wheat: 655.
Beans: 1230
Meal: Already over it. Its next obstacle is the 150 day ma at 333.00.
Bean oil: Assuming it gets over the 20 day ma, it will run into the 100 day ma up at 52.40 approximately.

I point this out because since they all failed the 100 day ma earlier this year, not once during attempted rallies have any of them been able to get over that barrier. If they succeed to do so this time, that would suggest even higher prices. Also there have been some positive developments on their weekly charts that I outline below in the individual market comments.

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GRAIN COMMENTS:

MAR CORN: Stops were reached last Friday. Corn has continued to rally and its next resistance is around 650. That is slightly higher than where the 100 day ma intersects. Long term corn is now over the 20 day ma on the weekly. However, it has done this before followed without follow through. Just watching. Closed 630 1/4, up 10 1/4.
Position: Short 596 (1.18). Exit 612 (1.20). Loss regular size contract $855.Loss mini contract $215. Both include comm/fees.

MAR WHEAT: It will run into resistance around 650 - the same area as corn on the daily chart. Long term this week's action has been positive for the weekly chart. Wheat is back over the 20 and 150 day ma on it. Again it has done this before only to be slapped down by the 100 day ma on that chart. Right now that average intersects at 660 on the weekly chart. But wheat is forming a 1,2,3 bottom formation on that chart. This rally could have much more follow through. Closed 633 1/2, up 13 3/4.

MAR SOYBEANS: On the daily chart they rallied to the 100 day ma and stopped. On the weekly chart they are triggering a buy from last week's inside bar. They are now over both the 100 and 20 day ma on that chart too. This is encouraging. On the monthly they just reached to 20 day ma and stopped. Based on what is going on in the grains, I suspect the bean rally isn't over with yet. Closed 1220, up 24.

MAR MEAL: It is the most aggressive of the bean complex. It closed over the 100 day ma yesterday with further follow through today. It's weekly is triggering a buy from last week's inside bar. It is now pushing over both the 100 & 150 day ma on that chart. If it accomplishes that task it should drag beans with it. But unless bean oil gets its act together and follows through, the meal and bean rally will fizzle eventually fizzle out. Closed 323.50, up 2.50.

MAR BEAN OIL: On the daily chart it pushed up against the 20 day ma both yesterday and today. It does have a buy signal from yesterday but has stalled out. Unlike the rest of the bean complex, it has been over the 100 day ma on the weekly for some time. In fact, it never failed it. That is positive. Closed 51.35, down 7.

APR HOGS: Switching to April. They rallied near to the high of the previous rally today and failed - forming a key reversal top to the rally on the daily chart. However, they have formed a partial 1,2,3 bottom formation on the that chart. To confirm it all they need to do is take out the Dec. 28 high of 89.50. Today's high 89.25. On their weekly they continue to be held back by the 20 day ma. Closed

APR CATTLE: Switching to April. On November 4 cattle formed a double top on the daily chart at 129.75. They then sold off to 121.02. Today's high 129.45 is challenging that. Two days ago they had formed a key reversal top in this area. It was negated today. The current wave up on the daily chart has not yet met projections: 130.75. This current rally has changed the long term charts: the sell on the monthly and weekly charts have been negated. The monthly no longer suggests a top formation as that top has been taken out. It now appears as though they could be starting a new wave up with potential projections to 137.00. Closed 129/17. up 1.00.

SOFTS COMMENTS:

MAR COTTON: I tried to buy it today. It did not reach my price. Instead it sold off and is back to testing the 100 day ma. Its attempt to get over the 150 day ma failed and cotton now has a double top. This is not good technically. It appears there could be more to this sell-off. Closed 98.18, down 1.19.

MAR ORANGE JUICE: It gapped up yesterday in its enthusiasm and filled that gap today. It has surpassed its 2007 high and what we're seeing now could be the "blow off." It's a good time to be buying puts. Closed 218.00, down 1.95.

MAR COFFEE: Its attempt to set up a rally earlier this week failed. It sold off yesterday and is testing the low area formed on Jan. 6. As of yesterday it is back under the 20 day ma. That is negative. The number to watch now is 216.60 - the low on Jan. 6. If it takes that out, it will most likely test the contract low of 212.35. As mentioned before, taking that out, would push coffee to 200.00. Long term the situation is negative and, most likely, affecting the daily action. The monthly continues to have a sell and is back under the 20 day ma. It violated that average for the first time since the whole up move last month. That is negative. To add fuel to the flame, the weekly is triggering a sell this week. So far on the weekly it has been holding at the 100 day ma. The number to watch is 215.90. Taking that out would violate the 100 day ma. Another negative. Coffee long term continues to suggest a 200.00 target. Closed 220.45, up 1.00.

MAR COCOA: It took off today and took out the Jan. 11 high of 23.88. The new high 24.25 made today. Such action changed the long term charts. On the monthly chart, cocoa is back over the 100 day ma. The weekly chart is triggering a buy from last week's inside bar. The next major resistance is up at 26.00. Closed 24.13, up 1.44.

MAR SUGAR: I took profit last Friday. It did gradually rally to test the 100 day ma both yesterday and today. It then backed off. If it could test 24.25 that could be a buy area. It has a lot of consolidation and support under that level. Closed 24.89, down 7.
Position: Long 24.42 (1.19). Exit 24.65 (1.20). Profit 202.60 (-comm/fees).