March Wheat - Steady to 1 Higher
March Corn - Mixed - bids & offers are spread in a 10 cent range balanced on steady
Jan Beans - 1 to 2 Higher
The cover image is just sand. You might say, why sand? Did I randomly pick the image or does it have some kind of meaning? The image is formed because the wind blows across the sand and forms waves at fairly regular intervals - it's a natural pattern of sorts.
This is to remind us that markets are nature at work, also. Yes markets are chaos just as wind blowing sand is chaos. A lot of the time however, discernable patterns will emerge.
The buyers finally showed up today in March Wheat and to a lessor extent, March Corn, as I suspected they would. The double bottom on the continuous Wheat chart does have some meaning. March Wheat gained +20.50 ending at 749.50.
More buyers than sellers participated because the bulk of the traders believed the August low in Wheat causing the double bottom yesterday had meaning and was a pattern. Below is the updated daily March Wheat chart showing today's green up bar - it's also affirming that today's bar is longer than yesterdays.
March Corn did more milling around than wheat today but still managed a win for the bulls, closing up +5.00 to close at 642.25. The old August gap had meaning because it was unfinished business and the bulk of the traders realized this was the path of least resistance - natures way.
The triangle and subsequent sell off leg had symmetry and therefore meaning. Here is another natural image that seems to have some regularity of patterns to it. Also, here is the updated March Corn chart. Please spend some time finding the symmetry.
The Soybean complex was again split today, with Beans (+18.50) and Meal (+10.10) up strongly and Soyoil continuing the down trend. Jan Meal hit the first upside target today. I am interested to see how much time and price Jan Meal will spend correcting and backfilling - thinking Thursday and Friday - we will see. This is today's Jan Meal chart.
Jan Crude Oil Update: the sellers are determined to hit every sell stop (causing long liquidation) that exists down here. The broadening pattern is very well intact - each leg is a little bit longer than the previous leg.
Nature is inflicting much pain on the trade (look at it like a tornado or hurricane). Some technical analysts say that bottom formations only work when the bulk of the traders or longs are bankrupt. Below is the updated Jan Crude chart depicting the broadening bottom formation - the length of each leg is marked - see how they become longer with time.