Sep Wheat - 2 to 3 Higher
Sep Corn - 1 to 2 Lower
Dec Corn - 2 to 3 Higher
Nov Beans - Steady
Sep Crude Oil Update: the 105 area in the Aug contract and 102 area in the Sep contract proved to be good resistance. Crude had to sell off near the previous week's lows to find an abundance of bulls.
Today was interesting trade. When I am looking for a commodity to find a low where the buyers will take over and you get a big spike down on good volume that is immediately reversed like today in crude - this is a good sign.
Oil has been in a trading range between 92-95 near last week's lows. It sold off to (88.23 low), then bought directly back up into the range (to 93.87). the sellers were faked out and trapped and many of them were shaken out of there positions.
Everybody who sold at 90 or below was underwater after 1 hour of entering and having to decide how much more they will risk. The overall pattern is hopeful for bulls and we will see if enough energy was gathered to make a run towards the first upside mark of 102 - the neckline of the W or double bottom. Please look at this crude chart going back to June 28th.
Dec Corn finished up a few pennies today. It was nearly an inside day which means the energy is being collected/stored. We will have to see if some buyers can show up tomorrow ahead of the weekend when weather will be front and center. I am leaning towards an up day because traders have not been able to test last weeks low.
Nov Beans is a very similar pattern to the Dec corn pattern except beans were a bit weaker - which makes sense because corn's reproductive phase (pollination) starts before beans.
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