Please forgive my typo on yesterdays wheat comments - the price was supposed to be 765-770.
Sep Wheat - 1 to 2 Lower
Dec Corn - Steady
Sep Beans - 2 to 4 Higher
Nov Beans - Steady to 2 Lower
From yesterday regarding Sep Wheat: "If the buyers can bid it up to the 765-770 area in the Sep contract on Monday, the fakeout/shakeout to the downside will be confirmed. All the new shorts below 665 will be underwater and in need of buying to cover their losses. This should add fuel for the up move."
Today -Sep Wheat closed today near 770. I expect the reversal up to continue - buyers have taken control. I am looking for a fairly swift move up to 820-850. The reason for the wide range here is there is a fan of 3-4 target areas.
All I had to do was complain about soybeans performance yesterday to get both the Sep and Nov contracts to break out of there trading ranges to the upside. I am expecting Sep beans to make a run to test near it's contract high (1606.75) this week. Nov Beans should make a move up to 1475-1500 also this week.
Dec Corn also rallied today (+4.50 cents) becoming free from it's trading range, as well. Maybe the 2% drop in crop conditions today will fuel corn buyers to continue. Targets above for Dec Corn are 660, 674-682 (weekly gap), and eventually the gap that's in the 730 area.