Dec Wheat - 1 to 2 Lower
Dec Corn - 1 Lower
Nov Beans - 4 to 5 Lower
Today, the Dec Corn contract marked/traded an inside day between the prices of 691-681.5, which was a smaller range (low to high) than any of the previous 7 days or more - ID/NR7. This means today was an energy building day and tomorrow is most likely to be a range expanded day - energy release.
I have a bias that tomorrow's trade will be up because of how the funds so sharply bought the 682 support - Dec Corn could trade above 691 or below 681.5 or BOTH. Lower support continues to be a slight possibility (667), with the 682 level being the more dominate support. Resistance is 700 and then 734 above that.
Here is a blowup of the updated Dec Corn daily chart (every bar is one day) showing today's range with a red arrow with the ID/NR7 label.
Dec Wheat continued to be supported by the neckline with price staying above 887. With each passing day Dec Wheat remains above the neckline, it gives the bulls more confidence to add to their long position. 941 might provide some resistance. Then the chart is smooth to 1029
Nov Soybeans had a down day today, with the low side staying above the 1449 support. Because the highest volume of the day occurred after the opening and on a selling capitulation bar, I have confidence the 1449 level will hold. Resistance lies at 1491 and 1511.
Specifically, the peak volume was traded between 9:00-9:05 AM CDT. Remember this trading volume event occurs less than 5% of the time. The fund bulls came out in force at the lows. Please see the 5 min bean chart pointing at the price and volume bars.
I don't know what to think about Nov Crude and Heating Oil. The volatility is decreasing (smaller range days & lack of lower lows) - this is overall stable
& bullish but at the same time, there is no hurry. However, I don't see lower prices either with crude or diesel.
Because this is long term support it's taking longer to turn up - these markets need the time to accumulate energy for a rally.
I don't know if anyone deals with or uses natural gas, but the Oct contract will most likely have an up day tomorrow. It last traded at 7.202 (near the low) today - 8.300 is a short term target.