Dec Wheat - 4-5 Higher
Dec Corn - Steady
Nov Beans - 1 to 2 Higher
November Soybeans traded down to 1350 today, which is within 3 ticks of completely filling the 9 cent gap which was made on July 25th. That business is complete now - .75 cents is close enough and the seasonal harvest low should be near.
Structurally speaking, today was also a good test of the bottom of the entire range (7/29 till current) in the Nov Bean chart - beans tested the Aug 3rd low and reversed a small amount. We should see the fund buyers show up at this point. Let's see what tomorrow brings. Here is the updated Nov Bean chart.
The blue up trending lines are resistance levels.
Dec Corn tested the (earlier this week) support level at 672 today. There is more support at 667-668 if today's low fails to hold.
Dec Wheat also sold off through the 895 support and tested the up trend line beginning from Aug 18th. If wheat needs to sell more, the lower neckline comes in at 854. This is the Dec Wheat chart so you can see what I mean.
The Dec Eurocurrency and S&P futures (the 2 charts are almost identical in structure) had nice down corrections today. We need to see buying tomorrow or Tuesday in order to know that the early week up leg was in fact a new up leg and not a correction up in a downtrend. Because the up leg marked 5 waves up (instead of 3) the odds are that another up leg is the most likely scenario. I have labeled the Eurocurrency chart with Elliot wave numbers for you to study.
Nov Heating Oil had a strong rally from 4 AM CDT this morning until the close. It came within a fraction of the upper target line at 3.9000. I would think a correction is in order from 3.9000, but if it is too strong there won't be much of one. 4.3000 (my earlier upside target) is a possibility after a brief backfill.
Here is the updated HO chart.
