Dec Wheat - Steady to 1 Higher
Dec Corn - Steady
Jan Beans - 1 Higher
December Corn traded down to within 2 ticks of the July 10th high (658.50) today on the USDA's news that the crop is a hair bigger - today's low was 658 and this is the line and where the fund buyers stepped in to rally corn back to 664, closing down just minus 3.50 at 664, for the day This area should continue to function as good support moving forward.
I expect Dec Corn to buy back up to the top of the channel near the 715 level within a week or 2. Here is today's daily chart for a bigger perspective:
January Soybeans responded a little bit better than corn and wheat, closing up +5.50 to 1452 on the day. I still anticipate a move upwards to the 1510 level in the near term. Check out the updated Jan Bean chart. See the big triangle (starting at the high to the left) newly drawn in:
I honestly don't have a good feel for Dec Wheat at this juncture. It sold off below the August 8th high of 820.75 to close at 805.50 for the day. The next possible support is a weekly line coming in around 794.
Dec Crude Oil Update: well, I got the 94 upside target pretty well but missed this deep correction. It may find support near today's low (85.50) and close, because price is also very near the low on Halloween at 85.30. It doesn't look like it will sling shot up from here, but it could very well build a base (sideways/back and forth) near the 85 level.
The election results were disappointing (no-decision) for the equity markets so as it turns out the Dec S&P is still in that original A-B-C correction I had previously drawn on the chart. Price will either fall down near the 3700 level to find buyers or mark a contracting triangle between 3750-3830 before embarking on another up leg (big3). I have drawn a small triangle so you can see what I'm talking about.
Technical analysis is always a moving target, so you are usually adjusting some lines and projections, etc.
As expected the US Dollar rebounded from yesterday's support. It was up +.918 to 110.460. I am watching to see if it can remain below about the 112.400 area in order to continue the down momentum.
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