July Wheat - 2 to 4 lower
July Corn - 1 to 2 lower
July Soybeans - 2 to 3 higher
The Grains were higher today with July Wheat leading the way and running into resistance in the 1120 area. We might have a pullback to the 1080 area before another leg up.
July Corn continued to consolidate while remaining above the 792 area which has continued to provide firm support. I would like to see the July corn rally towards the 812 area. The December contract stayed in a small range between 741-731 while the lower area provided good support.
July Soybeans did rally about 27 cents making a high of 1667 before correcting to the 1640 area which closed the intraday gap from last night's opening. We Have a higher high and a higher low in the beans. I am not looking for it to trade much lower than 1640 - this should be good support. I would like to see another leg up.
Overall I believe the grains were weighted down by the extreme selloff in the stock market today. Dow down 1000+ and Nasdaq down 600+. Maybe the fact that grains were positive at all today is a sign of strength building..
June crude Oil rallied to 111.37 then fell back to 106.45 providing the longs another opportunity to get back in or add.We should have another small leg up to the 114-116 area tonight/tomorrow as Crude is still looking strong. It could pull back to the 110-110 area after 116 is marked. I will reassess when that time comes