Dec Wheat - 3 to 4 Lower
Dec Corn - Steady
Jan Beans - Steady to 1 Higher
This was a strange day in the US markets with everything except grains and a few more agriculture products buying briskly UP. What I do know is that most of the time if stocks are up big time, commodities will also be up, so this is anomaly
This event is probably very short term as far as grains selling off, especially since the US Dollar sold off hard, which is bullish for grains mid and long term. The Dollar sold all the way down to 107.700, which is below all mid and short term support. Today's action confirmed the daily and weekly top in the US Dollar - this is what I was looking for!
The most likely scenario is that Dec Corn is faking out to the downside, flushing more weak longs out of the market. I might have been a little early on time and just wrong about price. I don't think corn is starting a downtrend, but If I'm wrong the gap below at 630 could be a target.
Today's low in Dec Corn of 652.75 is only about 5 cents from yesterday's low and the 659 support level on yesterday's chart. Sometimes when a market is setting up for a bull move, it needs to push the sell envelope even farther (past support) than most traders think it can go, to gather enough energy to go higher. Stay tuned.
Jan Soybeans came down to my support around the 1420 level today and tomorrow might be an up day. You know how wild the beans can be. If not, the next support is 1405. Here is the support line on the Jan Bean chart.
Price today came very near the weekly support line, that I mentioned yesterday in Dec Wheat at 793. Again, with the US Dollar starting a downtrend in earnest, wheat will have plenty of reasons to rally higher, mid and long term. Look at today's Dec Wheat chart.
The S&P had it's biggest up day since April of 2020, which was during the peak scare of covid. Now we know the (2) correction leg is complete and we have begun big 3 leg up. Our next target to the upside is the 4175 level which is an old high (Sep 13th) to the left on the chart. Here is today's S&P chart.
I will pick back up the Crude Oil over the weekend.