Sep Wheat - 2 to 4 Lower
July Corn - Steady
Dec Corn - Steady to 1 Higher
July Soybeans - 1 to 2 Higher
Nov Soybeans - 1 to 2 Higher
July Soybeans broke down below the supply/demand balance trendline today. It is more likely the grains will continue selling off Corn and Beans. Until beans becomes more clear technically, support is in a wide range between 1622 and 1584.
July Corn could not close the gap from Sunday night down and continues with selling pressure. The weather threat seems to have lessoned a bit, and we have the quarterly report a week from tomorrow on Thursday June 30.
Down is the dominate force now and there is not likely going to be a major change in direction until report day and the forecast becomes more threatening. Big reports are like magnets.
770 is resistance in July Corn and 705 is resistance in the December contract. 1675 is resistance in July Soybeans and 1493 is resistance in the November contract. Support for July Corn is in a 20 cent range between 720-700.
Therefore, last Friday's swing high turned out to be the 35-38 day cycle - had me fooled and befuddled. 38 days from Friday the 17th is Monday, August 1st. Just a date to keep in mind while the buyers and sellers sort out their differences.
The funds were wrong as well (COT report) about direction as they lightened up their short position in both corn and beans in anticipation of a move higher. Open interest has dropped 24,000 contracts in Corn from 6/14 till yesterday and beans has dropped about 9000 contracts.
This market data is indicative of markets correcting against the primary trend. Below is a 4 hour chart of Nov Soybeans. It formed what some analysts and traders call a head and shoulders pattern.
The downside estimate is measured from the top to the neckline then subtracted from the neckline's price. You should be able to see the pattern. A picture
(chart) is worth a thousand words.
August Crude Oil Update: Has Sold off almost $20 from the 120.88 high 6 trading days ago. There has been a significant supply/demand shift in this market and I've been slow to the party. Crude sold off to 101.53 today just penetrating (testing) a major up trendline beginning from March 16th. It will take a day or two for a range to be established so that opportunities will arise.