Sep Wheat - Steady
Dec Corn - Steady to 1 Lower
Nov Beans - Steady to 2 Lower
The theme today and perhaps for the entire week is that a high tide lifts all boats. September Wheat led all grains and continued it's impulse wave higher today by trading limit up +60 cents and closing at 757.50, within a couple of ticks of the Big 1 swing high from June 26th.
We are simplifying the wheat chart because it is breaking out in earnest - don't need to count all the smaller waves. We are in the middle of the 3 wave/leg and the next target higher is in the 941 to 950 area. Check out the daily September Wheat continuation chart.
November Soybeans was the laggard today even while rallying to close up +21.75 to 1423.50. Beans are about 25 cents from reaching the contract high at 1448.25 where the traders will probably break out price higher with or without a gap up.
Our minimum target higher is the 1633 inverted head & shoulders projection. Not much else to add, but our patience is beginning to pay off. Beans are also marking a 3rd wave higher. Here is today's November bean chart.
The continuation soybean oil chart continued its 3 day break out higher. The blue resistance line above may only provide brief resistance (1 day correction?). It certainly is not a selling opportunity. Here is today's chart.
Wave 5 of the first big up impulse broke out from the 3 wave high in December Corn today. I'm thinking this up move will have extension waves (beyond 5) with 1 to 2 day backfills all the way to 675 or higher.
In other words 1-2-3-4-5-6-7-8-9 or up to 10-11-12-13, instead of big and small waves. Remember, the supply/demand line comes in about 7 bucks on the corn continuation chart from yesterday, so between 675 and 700.
This was corn's biggest up day of this move, so we should expect further acceleration this week. It was also a big bullish deal that the close was above the down sloping triangle line. Check out the December Corn daily chart.
September Crude Oil also enjoyed a big up day while closing up +1.85 to 78.92, as it was affected by the high tide as well. The minimum target higher for this leg is 85, with a possibility of 93.50, which was last October's swing high points. Here is the 8 hour crude chart.