Sep Wheat - 2 to 4 Higher
Sep Corn - Steady
Dec Corn - 4 to 6 Higher
Aug Soybeans - Steady
Nov Soybeans - 5 to 7 Higher
Normally in the grains the biggest trading volume occurs during the first 15 minutes of the daytime session. Last night, the first 15 minutes in December Corn traded more volume than any fifteen minute bar, including the open, from last Friday.
This large fund volume is really saying something about the 650-645 support area. The aggressive buying gives me even more confidence that the Feb 24th high of 646.25 is now a floor for prices.
August and November Soybeans showed their strength today - after gapping and trading down about 25 cents last night they closed up +10 on the day (35 cent range). Last night marked the second solid test and rejection of the 1400 area in Nov beans since last Thursday's selloff to 1399.25.
In case I've never explained it very well before, a successful test is the market re-visiting a previous price point (either swing high or low) on the chart and reversing from that point. Therefore the price action in Nov beans is telling us the 1400 area is meaningful support.
Sep Wheat Update: The next support level comes in about 848 and it shows itself in the form of a trendline on the weekly chart starting from a swing low in Jul '21 up across another swing low from Feb of this year. Basically, the line marks wheat's uptrend before it went parabolic (straight up) in Feb/March.
August Crude Oil Update: From last evening's comments: " The next move should be up to between 111-112.50." Today crude rallied up to 110.54. It may make a run for 112.50 first (slightly higher high), but afterwards the next move should be down in the vicinity of 105 tomorrow and/or Wed.