Corn has rallied almost 90 cents since the June 25th low, and is currently bumping up on some fairly stiff resistance in the 490.0 region. There is more risk of lower prices from here. The next higher high to the left is about 505.5. On Friday December corn tested the April 11th high of 490.25 to be precise. Support is now about 457.0, 447.0, and all the way down to 425.0 which is the continuation gap when the funds rolled to the December contract. Check out the daily corn continuation chart....

The daily wheat continuation chart has recently tested the old high/resistance from May in the 688.0 area. Early last Thursday, the traders washed out the long stops by trading about a dime above the 688.0 price, then the sellers came in hard and price dropped over 30 cents initially. Since then, wheat has marked 2 lower highs. The odds heavily favor a down correction from here/a back fill. Sure, the traders could test the 698.25 high, but I think more sellers would reveal themselves. Initial...

The continuation chart of corn is currently in the December contract, and for beans it is the November. Both charts indicate that current prices are at serious resistance levels, meaning that a downleg is probable for at least a few weeks. Up corrections in the downleg should be used for selling opportunities. It is difficult to describe a chart in words, so I will outlay several price levels. 470.0 is stiff resistance in corn, and 1208.0-1210.0 should serve as resistance in beans. The...