Dec Wheat - Steady to 1 Lower
Dec Corn - Steady
Nov Beans - 1 to 2 Lower
After all the tug of war going on, the bulls finally scored a big initial victory today and the Dec Eurocurrency, Stock market and crude oil had strong up reversals...and as mentioned, it took a few days to resolve itself. Dec Wheat also had a substantial up reversal with fund buyers taking over. It appears that Dec Corn and Nov Beans completed their testing of support - thankfully price didn't stay below the 1399 level in Nov Beans for very long.
The US Dollar tested it's highs overnight then sold off hard, confirming a swing high top - how long term will play out over time. Conversely, the Dec Eurocurrency tested lows overnight then rallied strong. Here is the Dec Eurocurrency chart showing the reversal up, test at the lows and closing above resistance (now it is support).
The Dec S&P chart looks almost identical to the Dec Eurocurrency!
From what I am learning wheat is more sensitive (considering grains) to world currency prices, therefore Dec Wheat rallied +$.32, while Dec Corn and Nov Beans were only able to mark up a couple of cents yet close above important support levels.
Thursday and Friday's 35-38 day cycle will likely be a swing low instead of a high - of course this coincides with the Quarterly report on Friday - I was over thinking it on last weekend's comments.
Especially now for the grains (after the last 3 days of trade), the upside risk is more substantial than downside for Friday's report - it should be volatile up then down/consolidate, but not down below today's low. The 1508 high in Nov Beans is a possibility on Friday where a lot of selling should come in and keep a lid on it until the Oct 12th report. I do not have a near term grasp of Dec Corn to the upside beyond about 700.
Nov Crude Oil Update: had a strong reversal up today after all the back and forth trade and testing the lows last night. Some resistance is between 84-85, but stronger resistance (selling pressure) is at the 88-89 level. 80.75 is now support. Here is the 1 hour chart. Please notice all the upside target lines/resistance. Nov Heating Oil was also up big today - last trading at 3.328.
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