July Wheat - 1 to 3 Higher
July Corn - Steady
Dec Corn - Steady to 1 Lower
July Soybeans - 2 to 4 Lower
July Wheat attempted to close the gap up made yesterday from last Friday's high before it rallied to eclipse the March high (1278.50). It failed to close it today. Friday's high was 1198.50, today's low was 1200.75 so the trade left a 2.25 cent gap. This is significantly bullish. Here is a blowup of the gap.
This gap is a called measuring gap. It means demand is stronger than imagined and projects price to about 1431 which is near the March weekly high of 1425. It is always reassuring when 2 clues point at the same projection.
Support in Dec Corn between 758 - 755 should continue to hold for tomorrow. July Corn made a higher low today and support is around $8. The intraday gap up from Sun night is all the way down to 782 and does not appear to be a factor.
July Soybeans was stronger than corn today and closed up +22 cents at 1678.50 on the day. The next targets up are 1706 and 1737.
June Crude Oil update: 111.75 proved to be a strong buying level today. The breakout up from the big trading range above 112 yesterday is most likely going to confirm. I am looking for another test of 111.75 to 111 to hold solid for higher prices to come.