Sep Wheat - Steady to 1 Higher
Dec Corn - 1 to 2 Higher
Nov Beans - Steady to 1 Lower
September Wheat got hammered down today, selling off nearly 20 cents to close at 636.25. Support should come in about 622 to 620, which is the A leg low. If this for some reason fails, the 611 level would be the next place buyers are waiting.
Also, the traders are chewing up time the last 4 days with all of the back and forth price action. The result for the wheat market is energy building to help the next up leg along. Here is September daily Wheat.
December Corn fell off about 3 pennies today, remaining rangebound like wheat. We are looking at the 1 hour chart today, to see more detail. What this detail reveals is that corn broke up through a downtrend line yesterday early morning.
The other thing we see looking at yesterday and today is that December Corn marked a higher low on that blue line break through, a higher high and another higher low today. You will see these details on the chart if you concentrate.
These details are constructive for what we think is going on in corn. Check out the 1 hour December Corn chart.
Yesterday's low in November Soybeans is almost exactly a 50% retracement from the May 31st to July 24th rally. Yesterday's low was also a test of the May 8th swing high on the daily chart. This is the lower red line I spoke about a couple of days ago as being possibly tested before the correction was complete.
Here is the daily November bean chart.
The Eurocurrency still has not been able to test the blue uptrend line below. Today was a small range inside day that should break out higher tomorrow or it may fake out lower first.
The US Dollar chart marked an inside day also that was the most narrow range of the previous 7 days - big energy building/squeezing.
Here is the current September Eurocurrency daily chart.
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