July Wheat - 1 to 3 lower
July Corn - 1 to 3 higher
July Soybeans - steady
July Corn gained 3.25 cents on the day (Dec. contract +8.25). The low for the day was 1 tick above yesterday's low. It gained 3.25 cents on the day This is a good sign that the tide is turning up. It may seem too microscopic to matter, but sometimes this is a game of inches. The December contract was even stronger. Dec Corn's low today was almost 4 cents above yesterday's.
July Corn, Soybeans (+7 on the day) and Wheat all had small range days with their trading session open & close very close to one another. There is a Japanese Candlestick pattern/bar called a doji. Some traders and technicians would call today's day bar a doji and other's are more strict saying the open/close have to be exactly the same price.
It is close enough for me to call it a doji. More importantly it means traders had a lot of indecision. After several days of July Corn and Soybeans selling off (sellers in control), they were not in control today. The doji like bar is another sign that the energy is shifting more to the buyers.
I expect yesterday's low to hold in both July corn and beans. The 1080 area should remain good support in July Wheat. My sell stops for July corn and beans are still in the market. At some point when these markets trade up more (Corn to 786, beans to 1610) I will move the stops to breakeven (the same price of entry - see yesterday's comments for details).
June Crude Oil Update: As anticipated, 99 attracted a good amount of buyers today The low was 98.86. I expect 99 to hold and to see a rally to the 104-105 area where resistance comes in. Next, I think Crude will consolidate between 105 and 100.50. If 99 does not hold, next support is the 95 area.
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