July Wheat -2 to 4 higher
July Corn - Steady to 1 higher
July Soybeans - 2 to 3 higher
July Soybeans are holding the 1630-1625 area. Funds were defending their long position today. Similarly, the big money (strong hands) are buying the 792-790 area in July Corn.
Nothing has changed on the daily charts - market is trying to complete a 2 legged correction which began about 2 weeks ago. You will notice on your charts the corn correction is flatter (not as deep in price) than in soybeans. We should have good confirmation the next up leg (impulse) is underway by Thursday or Friday. Please study the July Corn chart below. It is a blowup showing the last 3 or 4 trading days. Highlighted are the 3 rejections along the support area. The chart is telling us it is defending the 790-792 area.
July Wheat was the leader of the Grain complex today, up over 30 cents. We should be starting another up leg in wheat also, despite having negative seasonal tendencies. In fact, for all I Know, wheat will lead the entire way up. It is just too early to see this. June Crude Oil update - after breaking up out of the triangle at 104 the market traded as high as 108.54 into the close today. While there could be some brief sideways action around 108, the most likely scenario is continued buying to the 114-117 area. Sorry for the wide range here. When a trend gets going it can extend a little.
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