July Wheat - 1 Higher
July Corn - Steady to 1 Lower
July Beans - 1 to 2 Lower
The July Wheat low of 594.25 from Tuesday held today - no more lower lows. The traders were only marking time today, as the buyers took it up to 616.5 in the morning and the sellers took price back down to the 600 area late morning then they managed to settle wheat near unchanged on the day.
I see July Wheat most likely working a little higher next week. Support tomorrow is 597 and resistance is in the 627 to 628 area. Here is the 1 hour chart.
The July Corn bulls were steady eddy today, marking up price like clockwork. Corn closed up about +4.00 cents to 591.25 - this is 9 cents from the 600 level, which is the top of the range to the left.
Support for tomorrow comes in around 580 and resistance could be from 600 all the way to 614, if the bulls get out of hand. Check out today's 4 hour corn again.
July Soybeans needed to have one more wash out of the sell stops below 1317 today. From yesterday's bean comments - "Support should be 1316.50-1317.00". The early morning low between 3 and 5 AM before the pit open was 1316.75.
Between 10:30 AM and 12 noon, the day traders took beans from 1325 down to 1305 (1 tick from Monday's low) and back to 1325 - 1.5 hours. This feeding frenzy excursion built a lot more energy for July beans to rally on the daily chart.
Sell stops were hit, then the fund bulls scooped all those contracts right back up. I don't have a percentage, but tomorrow could be a breakout up day on the daily chart. We want to see a close between 1346 and 1350 to confirm this, as I stated yesterday.
Check out today's 30 minute July bean chart again, then below, the daily.
The July Soybean Oil low has been holding since the 2 year old gap was filled on May 17th. The pattern forming is a spike and ledge/wedge. The ascending wedge or triangle looks like it wants to rally. Here is the daily bean oil continuation chart.
