July Wheat closed the intraday gap from Monday morning and then tested the low of the same day - Apr 25 on Friday afternoon. It appeared to take care of the downside business for now. We will have to see Monday's trade for confirmation.
July Corn continued to make higher highs and higher lows into Friday's trade. The pattern is an upsloping channel or wedge. I have no indication that Old or New Crop Corn has finished their uptrend despite some analysts having upside targets in the current timeframe which they predicted months ago.
July and November Soybeans also traded in an upsloping channel all week. It seems to me end of month trading was the force which kept a lid on all grain prices this last week.
I have observed in the past and it occurred during March and April - The market trades sideways the last 2 weeks of the month then trends up starting about the first day of the calendar month. We will see next week if this characteristic pattern is to continue.
June Crude Oil chart update - The 5 wave extended up on Friday to $107.99 then corrected to $103.78. I am calling this point 6 (end of wave 6) and believe the most likely scenario next week is a completion of 7-8-9 to price $114 to $116. From here I would expect a correction down to $109-$106 area. Please see updated Crude chart below.
