Dec Wheat - 2 Higher
Dec Corn - Steady
Jan Beans - 2 to 3 Lower
Almost all US financial instruments were down today. This happened for a myriad of fundamental factors including the US Dollar rallying hard - up 1.578 to 112.804. This price is up about 3.500 from the lows which were made on Oct 27th at 109.365 - the last time I commented on the US Dollar. No downtrend here yet.
The Doji in Dec Soybean meal did not pan out as expected as meal was down about 10.0 to 414.3. Even the top of the triangle did not hold at 418.80. Meal may need to sell down to the next lower support at about 398.7, which is a swing low made on Oct 19th. Best case scenario for the Dec Meal bulls is an uptrend line coming in around the 410.80 level tomorrow. Notice the areas highlighted with the red arrows on the updated daily Meal chart below.
Dec Corn and Wheat did not do much today - down a small amount - corn tested the lower part of the channel it is in closing about 678.75 - let's see if it holds tomorrow.
Dec Wheat traded just about unchanged on the day, managing to close above last weeks low near the price of 840. I honestly do not have a very good feel on the grains today - perhaps the political unknowns?
January Soybeans sold off in sympathy with meal today, but remained above support at the 1423 level. You will see what I'm saying on today's Jan Bean chart.
Cotton is about the only commodity which was higher today as it continues to scream up, closing limit up 4.00 to 83.00 - it is not offering any pullbacks for bulls to jump on board - up almost 13.00 since the Halloween spike low.
The Dec S&P continued to correct lower today as it found support on a lower blue support line closing near that 3720 area. From yesterday's S&P comment. "I am looking for support to kick in between 3740 and 3715." I am looking for the letter a from a-b-c to be complete - then we watch for b and c to form. Check out today's Dec S&P chart below.
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