July Wheat - 2.25 Lower
July Corn - 0.25 Lower
July Soymeal - 0.60 Lower
July Beans - 2.75 Lower
June Crude Oil traded to within 48 cents of the 77.50 support. Like I said earlier, crude is trying to carve out a bottom (saucer) to rally from.
support - 78.35
77.55
resistance - 79.10
80.00
Soybeans and Corn had another big breakout to the upside today. Short funds were scrambling to cover and new buyers flooded in. Nearterm (could be this week) Upside targets:
July Beans - 1330-1340 from a W or double bottom pattern on the daily charts.
July Corn - 510-531.
July Soybeans traded very strong, and surpassed the higher resistance level of 1240. This area is now support.
support - 1239.00
1227.00
resistance - 1260.00 - minor
1295.00
July Soymeal marked it's low 1.20 above the 366.50 support level, then rallied 20 bucks, to eclipse the first resistance at the 380 price by 6 bucks.
support - 381.00
375.00
resistance - 400.50
413.50
July Corn marked it's low 1 tick above the 454.00 support level, then rallied 15.75 cents.
support - 467.50
465.00
resistance - 480.00-483.00
494.00
July SRW Wheat marked the low 4.50 below the 614.50 support, then rallied 40 cents, low to high, eclipsing upper resistance. Wheat traded up to the neckline (650.00) of a large double bottom today, and closed directly on that line. Once it closes above this mark, it becomes support.
support - 640.50
632.00
resistance - 663.00
703.50
July HRW Wheat took out support by 18 cents, then reversed higher with a vengeance, reaching above the upper resistance boundary. This is called a fakeout/shakeout, to wash out the weak longs for energy, then reverse up.
support - 669.00
662.00
resistance - 692.00
722.00
July Spring Wheat marked the low 1.25 cents below support, then rallied 34 cents. It painted an outside higher daily bar - bullish.
support - 722.00
711.00
resistance - 738.00
751.00
June S&P rallied 50 points to come within 11 points of resistance. We will know by tomorrow if the bigger corrective pattern holds true or gets washed out. If another down leg occurs, the downside target is about 4915.
support - 5154
5127
resistance - 5214
5258
As expected, July Cocoa corrected down to the 7650-7500 today, marking the low at 7522. The intraday bars look like a basing pattern for a rally back to 8225, then higher. Still calling 7500 the lower area of support.
