Dec Wheat - Steady
Dec Corn - 1 to 2 Higher
Nov Beans - 3 to 5 Higher
I saw this map online with precipitation ranks, comparing this year with the last 130 years from rainfall between the July 14th to Sep 6th timeframe for the corn belt - wettest to driest. It looks like a lot of real estate was affected by dryness. I don't know exactly what production numbers the markets are trading for corn & beans currently but I doubt it is appreciably different from the USDA August report. Keep in mind Europe had unfriendly weather as well. Part of the production estimates will be derived from quantitative data from the field on next Monday's (Sep 12th) monthly report.
The Nov Soybeans found support at the Aug 18th low today near 1373, marking a double bottom or big W formation on the 5 and 15 min intraday charts. The idea of a double bottom is the market makes a swing low then rallies, then sells off again (attempting to mark new lows).
However, the fund buying was strong enough at that 1373 low to rally again and make a higher high - so that low (1373) becomes good short term support. I am backing off the idea that beans will be able to fill the gap underneath at 1344 (no gap fill is more bullish) - let's see what occurs. Please see the W formation on 5 min Nov Bean chart. I believe you will see what I'm saying.
818 held firm in Dec Wheat today. The next upside target is 894. Not looking at the lower levels of support anymore (808, 791) - 818 should hold - this chart keeps marking higher highs and lows.
The higher of the 2 levels (660) I gave you yesterday in Dec Corn held support - well, 659 was the low. It was a spike low with quite a bit of fund buying there - I'm thinking 660-658 will be defended if tested - not expecting 650 anymore. Dec Corn is also continuing to mark higher highs & lows on the daily & intraday charts.
Oct Crude Oil Update: There was some good fund buying in and around yesterday's high volume low - today, lifting crude to a high of 84.25 with a last trade at 82.73. However, we need to see a daily close above 86 to confirm that the 81.5-81.2 low is a solid daily and weekly low.