July Wheat - Steady
July Corn - 1 to 2 Lower
Dec Corn - 1 to 3 Higher
July Soybeans - Steady to 3 Lower
July Soybeans finally closed the intraday gap at 1672.25 and traded down to 1665.50 where the fund buying kicked in. I anticipate further buying to 1707, 1723 and eventually beyond.
July and Dec Corn made a secondary low this morning which was followed by brisk buying. Sometimes the funds engineer (manipulate) a secondary low to clean out the maximum number of weak longs. I expect a move back up to 735 (Dec contract) area by Friday.
July Wheat also formed a secondary low from yesterday's low. Would like to see buying into the end of the week. I originally did not think Wheat would correct down as far as it did- Was looking at 1150 -1142 for support but it traded down to 1114.50. As they sometimes, "it takes what it takes."
July Crude Update: Sideways action above an important support trendline - compressing/building up energy to be released soon. Please see the Crude chart below. Technically speaking, Crude broke out of the sideways channel to the upside, but we need to see follow through buying tomorrow or Friday for confirmation that the trend is still up.
