711.25 held support today in the September Wheat market after fund buyers took it all the way up to 750.75 overnight. I am looking for wheat to trade above 760 any day now. Here is today's September Wheat chart.
We are taking a look at the Minneapolis spring wheat weekly chart. It has formed a bottom formation called a saucer or rounding bottom. The lower part of this pattern resembles the bottom of a saucer. This pattern also resembles an inverted head & shoulders. Can you see it? Check out the weekly spring wheat chart.
Once the spring wheat traders can buy above 920, which is currently serving as resistance, 1030 to 1050 should be the next stop higher. 890 to 895 should now be solid support. Here is more information on the saucer bottom pattern from investopedia.
December Corn continued fleshing out the corrective 4 point during today's trading session, attempting to re-test the 540 price after marking it the first time yesterday morning.
Tomorrow is Friday, so I don't know for sure if the corn fund buyers are going to rally price to 600 yet. They may wait till next week. We will just have to see. As stated yesterday, there is another bump on the left in the 600 region which will provide some resistance.
How far will December Corn backfill from there? If the market is satisfied with a 5 wave impulse (if supply/demand has reached a balance point), we could see 560-550 again.
If demand is too strong, it may find support in the 576 area. Check out today's December corn chart showing the A-B-C backfill between 540 and 563.
November Soybeans also consolidated a bit today with prices losing about 5 cents to 1403.75. However, December Soybean Oil had a small breakthrough today, as it tries to stay above the support/resistance line in the 60.52 area.
Today was not a huge, but nevertheless a solid up day in bean oil. It closed up +0.94 to 64.38. This is the highest close yet, since price first rallied to the 60.00 level. Here is the updated soybean oil continuation (currently Dec) chart. You will see the next resistance line that comes in above at 67.00 to 67.10.
September Crude Oil has been correcting and consolidating between 74.00 and 76.75 - attempting to complete the number 2 point. I expect another leg higher to 84.00 or higher, very soon. Check out the current crude chart.
I don't know for sure, but August Live Cattle may have topped out today. After marking a new high at 182.975 this morning, the bears attacked and sold off the cattle to a 180.375 close, down 0.95 cents on the day.
I don't think today was a key reversal bar, because price did not close below yesterday's low, but today's bar was an outside day/lower close which is also a bearish configuration. Here is today's cattle chart.
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