Dec Wheat - 1 to 2 Higher
Dec Corn - Steady to 1 Higher
Jan Beans - 1 Lower
Today was a day of consolidation and correction, particularly in Jan Beans, where the 1 hour chart marked a right shoulder after the right neckline high yesterday. Because yesterday's high was higher than last Friday's high, up pressure developed and I expect a slingshot up over the next few days.
Also, because today's low was higher than last Thursday's low, the inverted head & shoulders pattern is still intact. The main theme here is extreme volatility up and down with the main trend being up. You will see everything I'm talking about on today's Jan Bean chart. Spend some time on it if need be.
Dec Corn marked a higher low today also, but was able to close only 1.75 lower on the day at 665. Remember we are looking for a close over 682. Energy is still building up.
Dec Wheat also made a higher low overnight and closed down 12.50 at 815.75. Notice the higher lows in all the grains. I expect some fireworks by Friday or Sunday night.
Dec Crude Oil Update: been a whole lots of opportunity in crude for you day traders and swing traders - buying and selling. After testing close to 89 yesterday, it sold back off to near 84 again today where the fund buying took over again. I expect a rally back up to above 89 or even 90 again tomorrow or Friday.
Perhaps Crude will lead the grains up - kind of seems that way. The US Dollar has made no correcting up attempts at all in the last few days. In fact, the Dollar closed at a new low for the move at 106.210 today - this is bullish confirmation for grains and most commodities. As you'll see on the Crude Oil chart, it is forming a wedge pattern - the breakout point is 87 & change.
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