Sep Wheat - Steady
Dec Corn - Steady to 1 Higher
Nov Beans - Steady to 1 Lower
From Saturday's December Corn comments:
"Support for Monday should be 489 and the next objective higher should be the USDA report day high of 507.50." The high today was marked 1.25 cents lower than our target at 506.25.
The 489 support was meant for a steady or lower opening on Sunday night. I apologize for not being more clear on this. The 5 wave of the Elliot count terminated near last night's open and then corn traded to a fairly deep correction to 481.25.
This deep correction is to be expected for the 2nd wave down because the weaker shorts have not given up yet. However, this deep selling swing trade will give the next leg up more power. I believe the Big3 rally will take December Corn to the overhead gap on the left at 528.5 - next target.
Support for tonight and tomorrow should be within a couple of cents of today's low at 481.25. I also want you to notice the balance in the chart - today's low was very close to the report day low on the left - big red bar - this could also be called a sloppy looking inverted head & shoulders, proving that charts can be looked at more than 1 way.
Check out today's corn chart with the Elliot waves labeled.
This chart analyst can't ignore the weather at a time like this. Highs are going to be in the 100's and lows between 75-85 in better than half the primary grain belt over the next 3 days. My biology background says "ouch". Also, there is little to no rain in the forecast out to September 4th.
November Soybeans achieved the first target around 1379 last night, before a small correction lowered price to the gap fill at 1355. I believe the next rally will start from here, because this area is also where the supply/demand line is that was resistance and is now support.
The next 2 targets higher are the 1399 triangle target, and the old swing high at 1435. Here is the current November Soybean chart.
The continuation soybean oil chart has nearly made it to the 2nd resistance line, which is the downtrend line from the high April of 2022. The next objective higher will be the November high at about 79.00.
Here is today's continuation (December contract) bean oil chart.
