May Wheat - Steady
May Corn - 1 to 2 Lower
May Beans - 1 to 2 Lower
After trading as high as 707, up +10 cents today, May Wheat settled back (sold off) to the 683 support level. It closed at 697.25. Wheat is continuing to trade as expected, making higher highs and lows - trending upwards after the key reversal higher. Targets up above are 720 -724 and 745 +/- 3 cents. Here is today's 4 hour chart.
May Corn also traded as expected today, rallying higher and finding some resistance within 2 cents of 684, then correcting down to 670. We are at a crossroads in Corn right now as 3 consecutive up legs with corrections in between are complete now.
Impulses do not have to end with 5 waves (3 up legs), they can print 9 or even 13 waves. If Corn's impulse is complete for now, we could backfill all the way down to 650. However, I believe the odds say more uplegs for now, but we will need to see tomorrow's trade to confirm that.
If May Corn is to continue higher now, the 668 - 670 support will hold. Lets allow it to play out. Check out today's 4 hour chart - you will see the swing high (top left) in February which created today's little correction.
We have a client that wanted a Natural Gas update so here we go. The continuation chart is still the May contract and it has been trading in a small, sideways channel for about a month now, after marking a low in February.
Last Friday, gas tested the low and reversed back up through the channel / fakeout-shakeout, making a very probable double bottom or big W pattern. There is an upside target for the W of about 4.108.
This target was generated by the trading that made a low in February, then rebounded to mark a swing high. You take that distance and tack it on to the top for an upside estimated price. You will see what I mean on the Nat Gas 4 hour chart.
May Crude Oil found some buying just above the 79.75 support today. Let's see if it will rally up to the 84 vicinity or incur more selling first. Support remains at 79.75 and 79 and below that at 75.70.
September Soybean Meal is stuck in a sideways range between 440 to the upside and 425 down below. I believe there is another leg higher coming, but meal is still marking time in an A-B-C-D-E or a double 3 (2-abc's strung together) for the time being.
Have a look at the 4 hour Sep Soymeal chart.
November Beans are also trading in a sideways range (correction) between 1325 and 1295. Notice how today's bar reacted to the bar which is 6 back from today. They are highlighted with red arrows.
