March Wheat - 3 to 4 Higher
March Corn - 2 to 3 Higher
Jan Beans - Steady
January Soybean Oil has been in a strong down move for about 7 trading days. The last 2 days sold off to within 1.00 points of the midpoint gap target of 60.00 and today the daily chart marked a Doji, as well as a narrow range/inside day.
The odds favor this down move being completed as of today in Jan Bean Oil. The Doji indicates the open and close price are very close to one another or the same price - meaning extreme indecision
The inside/narrow range tells us a tremendous amount of energy has built up for a move higher. Check out today's chart where I have labeled all the pertinent facts.
The rest of the soybean complex (meal & beans) continued to rally today up close to some possible resistance. Perhaps beans and meal will correct while Bean Oil begins to rally.
Jan Soybeans has successfully broken out to the upside from a large triangle which began forming last June - this means the daily trend is firmly up, alongside Jan Meal's strong uptrend.
The Jan Soybean chart has a triangle target of 1753, which is derived by taking the width of the triangle and tacking that amount onto the triangle breakout point. Here are the Jan Beans and Meal daily charts in that order.
March Wheat traded in a narrow range only down 1.75 for the day - this is constructive ands adds confidence that Tuesday's low marked a solid double bottom. On the intraday charts, wheat marked an a-b-c-d-e- correction today after yesterday's impulsive rally. Tomorrow should resume this new uptrend with another leg up to 768-778. Check out the updated daily March Wheat chart.
March Corn also marked a small correction day without testing the lows from yesterday. An uptrend should be starting in corn, as well. Please see today's March Corn Daily chart.
Jan Crude Oil Update: honestly I don't have much to add for today's thoughts. Only that this market is doing what it has to do. You can tell that the Fund buyers are starting to enter because of these wide (3-4 bucks) swings up and down. A reminder that the 70-75 area is a long term pivot and support on the monthly charts.
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