Sep Wheat - 2 to 3 Lower
Sep Corn - 3 to 4 Lower
Dec Corn - 2 to 3 Lower
Aug Soybeans - 1 to 2 Lower
Nov Soybeans - Steady to 1 Lower
The November Soybean contract has rallied up +69 cents from Friday's low
(1399.25) to today's high (1468.75) while Dec Corn has been the slacker only rallying 27 cents (to almost 668) up from Monday's low (622.25). The ZSX-ZCZ (Nov Bean/Dec Corn) spread is up +64 cents from Friday's low till today's high putting the soybeans - corn ratio at 2.55 which is above historical averages.
This Corn/Bean spread price action tells me that maybe the market is pricing in a bit more corn acreage on the plantings report Thursday - with fewer bean acres?
I'm only speculating here but could we be looking at a sell the rumor buy the facts type of event for Thursday's report?
That is how I see it for now - looking for another test (3rd low) of the 644 area in Dec Corn over the next couple of days. It does not seem like the gap at 644.25, which is only 3 cents down from today's close will hold prices.
Check out the 1-2-3 bottom pattern forming on the Dec Corn 15 minute chart going back to last Thursday's low.
Nov Soybeans has had a healthy rally into today (to 1468.75) and a small correction to the gap at 1435 is in order - to get long again or buy more.
August Crude Oil Update: oil moved up to 112.22 today. This area should be temporary resistance for a fall to 106.50-106.