GRAINS: 01/29/10  Higher settlements Thursday for corn, oats, Minneapolis, Kansas City and Chicago wheat along with soybeans and soymeal while lower for soyoil and rough rice. All of the wheat continue to be in down-trends but Minneapolis and Chicago are in support areas at this time. Corn closed higher also but still should work lower to the 350 area where its support (Mar. contract) starts and goes down to 425. Traditionally the grains have filled around 90% of their gaps and the December corn contract has one at 392 1/2. Rice settled lower again with its weak attempt at bottoming fading away at this time.but is attempting to form a bottom at this time. Oats settled higher looking very weak overall but has very little resistance up to to 255 basis the March contract and has held a support area from 220 to 230 so far making this a scary market to take a position in either way! It's overall trend has been sharply lower since January 11th. The beans and meal closed higher and oil lower with beans and oil making new recent lows. Beans and meal continue to hold their respective support areas so far.

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