July Wheat - Steady to 1 Higher
July Corn - Steady
July Beans - 1 to 2 Lower
From yesterday's July Wheat comments:
"the high today at 648 could be the end of the first impulse higher"... Today's A-B-C correction in July Wheat confirmed that 648 was indeed the end of the 1st small impulse higher.
The low today of 613.25 should be a good low that the next small impulse up can spring from - this level is almost at the 50% retracement. Support lower at 608 probably doesn't need to trade, but we always keep this information in our back pocket when managing risk.
The impulse which ended yesterday was 75 cents long, so the math to project the 3 wave higher is the same as yesterday's Fibonacci exercise - using the 1.38X, 1.5X, and 1.62X 75 cents.
On the 4 hour July Wheat chart I have labeled the 1.38X 75 target higher. It equals the price of 716 which is also near the level of some old highs. Therefore, we have added confidence that this mark is a good target higher.
You will need to zoom into the chart to see all the numbers and letters. Notice how the high of number 1 was support for the number 4 wave low. This is one of the Elliot wave rules - the 4 low should terminate no lower than the 1 high (give or take a few ticks of course.)
Here is a detailed article about the basics of Elliot wave for those folks who are interested in learning more:
July Beans and corn basically just chewed up time today, with beans going sideways to higher and corn sideways to lower for a few cents.
The front months are still leading the back months higher in both corn and beans. This is what you want to see in a bull market. Check out the July/August Soybean spread chart.
The old gap up in July Bean Oil has turned out to be a good area for the bulls to carve out a bottom formation after some sideways trade, then a bit lower, and now starting an uptrend. Here is the updated bean oil chart.
December Corn and November Beans are most likely in the process of filling out there respective V bottom formations. The minimum upside target in New corn should be the B wave high of 637.25.
By the same token, November Soybeans should be able to rally towards the December '22 high of 1428, where a bunch of blue lines intersect, eventually - before harvest.
The new crop corn and bean charts are also big A-B-C corrective formations, beginning from last summer - not labeled, however.