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Grain Comments

Published 10/12/2011, 11:30 AM
Updated 07/09/2023, 06:31 AM
DEC CORN:

  It rallied to limit up today.  It has a gap at 685 1/4 on the daily chart that it might try for.  On the monthly it reached the 20 day ma and has held.  On the weekly it is clearly in a downtrend.  This current rally could be the eventual setup for a third wave down.  Closed 645, up 40.

DEC WHEAT:  Today it rallied to the previous resistance around 665 on the daily chart.  It also got over the 20 day ma.  That is the first time since the recent free fall down to the 600 level.  That suggests that there could be more to the rally and a possible test of the 700 level.  The weekly confirms that potential.  Closed 660 3/4, up 49 1/4.

NOV BEANS:  This rally appears to be the start of a test of the breakout to the downside that occurred when beans failed the consolidation they had formed for months in late September.  It would be normal to test it.  On the weekly chart they have attempted to hold at the 100 day ma and this rally could test 1300 at least.  Closed 1235 1/2, up 58.


DEC MEAL:  Its attempt to hold the 300.00 support that I mentioned last time has followed through.  It could try for 350.00.  On the weekly it reached the 320.00 area today.  Both the 100 and 150 day ma intersect there on the weekly so that is definitely resistance currently.  Closed 320.60, up 12.10.


DEC BEAN OIL:  I tried to short it on Friday.  The price was not reached.  Today it rallied back over 52.00 on the daily chart and stopped at the 20 day ma.   This rally appears to be the test of the breakout from the consolidation it had developed over several months.  That could bring bean oil to 55.00.  Closed 52.18, up 2.07.

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