Sep Wheat - Steady to 1 Lower
Dec Corn - Steady to 1 Lower
Nov Beans - 1 to 2 Lower
So far this week, I have been completely wrong about September and December Corn. Remember on July 31st I stated that I didn't think the gap was a midpoint gap, but if it is, corn could selloff to the 480 area?
I also stated for it not to be a measuring gap, it would need to get filled quickly. That hasn't happened. Seems like the bulls have completely given up. Dec Corn could slide down to 478, but there is very strong weekly support in the 485 to 476 area.
Therefore, today could be the low or corn could trade down to 478. I simply have no idea after the 10 to 12 cent rally from last night was slammed down so hard to mark an outside day down/lower close.
Here is the weekly corn chart going back to 2015. Current support is a trend line from the top of the old channel from 2014 to 2020. This week, the line comes in at the price of 485 to 482. Today closed at 499.75.
Virtually all US markets started selling off overnight and today. I heard on the news this morning that the United States credit rating was lowered again, this time to ++ from +++. I'm assuming this news was a big contributor to all of the market wide bearishness today.
September Soybeans continues to be one of the strongest contracts out of all the grains, not marking a lower low even though it closed down 10.50 from yesterday's close.
November Soybeans sold off 20.75 and touched a down sloping trendline that runs across old highs. The line is labeled, "this blue line" on the November chart.
The September bean chart is first, followed by the November daily.
September Soybean Oil actually closed positive today, finishing the session at 64.56 up +0.17 and settling up +0.27. Bean oil recently ran into some resistance that was an old high to the left, but I doubt this double top will hold for long.
Rather, I believe the fund bulls will make another attempt at new highs very soon. Today's bar is a spinner - small range day opening & closing close which is caused by trader indecision. It is a consolidation type day after a reversal from the low occurred yesterday.
I believe September bean oil has the best chance for an up day tomorrow. Check out the daily September soybean oil chart.
The weekly soybean oil chart is also in a strong uptrend and has a price target of 95.00. Old crop bean oil's strength should give us some clues into old crop soybeans near term bullishness. Check out the weekly supply/demand target line on this bean oil chart.