Dec Wheat - 6 to 8 Lower
Dec Corn - 1 to 3 Lower
Nov Beans - 3 to 4 Lower
From yesterday's Dec Wheat comments: "The 5 min chart also gave me a heads up...in this case the last of the sellers giving up while the stronger longs (funds) scoop up the weaker shorts." The funds wasted no time with their buying in Dec Wheat today and continued to pile on the entire trading session.
Dec Wheat nearly traded limit up today, settling in the area of 894 - up +63 cents. Referring to the Dec Wheat chart, it closed a few ticks above the neckline of the upside down Head & Shoulders.
Tonight's price action will give us an idea whether or not Wheat needs to backfill first or just consolidate (trade sideways) in the neckline area before trading upwards to the H&S target - 1029. Support should come in around 878-880 for tonight and tomorrow. Here is a blowup of the right shoulder and neckline emphasizing the last few days of trade in Dec Wheat.
Nov Heating Oil Update: will most likely be heading up to the 3.70-3.725 area first, then backfill to the 3.40-3.35 area where another leg up should begin over the next week or two. Here is the HO chart with support and resistance lines, and all the price points I gave yesterday for you to compare and contrast.
Dec Wheat helped tug Dec Corn up past the important 682 price (June 1st low), to 691.50 (+13.25) on the day. 682 is support and the 700 area (psychological), and 734 gap area is resistance. If the entire grain complex catches fire, a run to 734-749 is not out of the question - this might all depend on Wheat's behavior.
Support for Nov Beans is 1461 and 1449. Resistance is 1510 then 1536. It settled near 1478 today.