Sep Wheat - Steady to 1 Higher
Dec Corn - Steady
Nov Beans - 1 to 2 Lower
From yesterday's December Corn comments:
" I feel like today's December Corn's selling action today was just a trap to get more farmer selling and weak (small) speculators selling. Today was more likely an end to the selling than the beginning of a new down leg."
After trading 3 ticks below yesterday's low last night, December Corn rallied today and almost retraced the entire previous bar, closing up +16.75 at 500.50, 1 penny from Tuesday's close of 501.50.
This setup is called a 90/10 - closing in the lower 10% of yesterday's bar and today opening in that same 10% area, then closing in the upper 90% of today's bar. Besides the fact that today confirmed the fakeout/shakeout in corn, the 90/10 pattern is bullish in and of itself.
I am looking for a close tomorrow at 510 or better. If accomplished, this will set things up nicely for a strong week ahead next week. Check out today's big, green bar on the December Corn daily chart. I have drawn a red horizontal line from Tuesday's close across today.
Today's 40 cent rally in November Soybeans is 8 cents above Tuesday's close, indicating that yesterday was just a small correction in a powerful uptrend, as expected.
If you are counting in August Beans, today's price action confirmed also that yesterday was a small correction within the new # 3 impulse beginning there...and, that it was not a continuation of the larger correction Big2.
The new impulse is alive and well and the fund bulls utilized yesterday's report reaction to accumulate more longs. They used yesterday's fear selling to satisfy their greed for more profits.
I am not saying this is bad or negative, it simply is what it is. The line from the movie "Wall Street" of "greed is good" has much truth to it. Here is today's November Soybean daily chart. If we get a close at or above the neckline at 1389 tomorrow, we can begin looking towards the inverted head & shoulders target of 1633.
Here is the November Bean daily chart, featuring today's big, green bar.
September Soybean Meal has been marking a large equilateral triangle (2) since the swift up leg (1) that terminated on June 21st (same day beans first topped). The next most probable market action here is another up leg that rallies at a minimum, back to the contract high of 454.4.
Here is today's September Meal daily chart.
December Soybean Oil marked its highest close since March 3rd, at 61.23. Beanoil is also in an uptrend and I can't say which product is technically stronger at this point. I suppose it doesn't matter - everything is sweeping higher.
The US Dollar lost another 0.758 to close at 99.43 today. This action marks a breakout down from the range its's been trading in. The dollar closed at 102.867 on July 6th, 5 trading days ago.
The next target lower is 94.61, the January low, on the weekly chart. This news adds bullish energy to US goods traded to other countries, including the grains and especially wheat.
September Wheat marked a lower low of 622 yesterday and closed today at 640.25. This looks like wheat has finally completed it's A-B-C (Big2) correction. A new up leg which trades past 760 should now have begun. Here is the 8 hour chart.