May Wheat - 1 Higher
May Corn - Steady
May Beans - Steady to 1 Lower
May Corn broke down out of the ledge support at 633 today after the news that U.S. ending stocks will be a bit larger. Prices sold off to 626.25 today, but I don't believe the spike low at 622.25 will be violated.
In fact, today's antics appear to be more of an opportunity for longs. It looks like a bear trap. Here is today's May Corn chart.
May Soybeans barely closed positive today even while news of lower U.S and world bean stocks hit the trade at 11 AM CST. Beans initial reaction was bullish, as price shot up to 1533.75, but the bears saw opportunity for a short and it closed at 1518.25, only up +2.75 - disappointing for bulls.
However, the afternoon swing low was higher than the overnight low. Is this a positive development? Probably, but we should know by tonight and tomorrow if this impulse higher will be able to continue.
Because of the selling leg today, the correction on the bean 1 hour chart continues and we are going to end up having an A-B-C-D-E or a triple 3 - A-B-C-X-A-B-C after the correction is finished. I have labeled the bean chart as if an A-B-C-D-E triangle is forming. This is what the chart looks like.
One other thing I'm seeing in the soybean complex is that the May contract minus the July contract marked a new high in Monday early morning trade, while May Beans did not mark a new high. Take a look at this May/July bull spread.
Perhaps this spread is giving us a glimpse that the bean demand is stronger than it appears from the May contract alone.
April Crude Oil sold off another -1.05 to 76.54 while getting closer to the 75.83 low just on the left and mentioned yesterday. The next support below that, would be about 74.90. Here is today's zoomed in 2 hour crude chart.