Dec Wheat - 5 to 8 Lower
Dec Corn - Steady
Nov Beans - Steady to 1 Lower
Regarding Dec Wheat on yesterday's comments: "Support should come in around 878-880 for tonight and tomorrow." Today, Dec Wheat marked a swift V correction down from 900 to 873 and straight back up to 900. It traded below 878 for about 6 minutes. The neckline support comes in at 885.
On the Dec Wheat 8 hour chart, it looks like a solid breakout to the upside, working it's way up from the neckline today. In general, support lines that are broken in the past become resistance for the future.
Here is the updated 8 hour chart with a broader perspective.
682 remains the support for Dec Corn. Today it traded down to 679.25 where the fund buyers showed up. Then it traded between 688 and 684 the last hour of the session, settling near 686. Support stays at 682 with 667 being a less likely possibility.
From yesterday regarding Nov Beans: "Support for Nov Beans is 1461 and 1449." Today was rangebound trade between 1488.75 and 1459.5 on the low side, last trading near 1461. 1449 remains to be the lowest support for beans - tonight and tomorrow.
Dec Corn and Nov Beans are trading their fundamentals (supply/demand) in the background, but are being pushed around by the political scene (wheat).
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