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Corn “C” – mini “ZC” – (Dec)
Coverage for Nov. 9Despite not having confirmed last Thursday's surge, Wednesday's open gaped up to a new high. The lack of confirmation came back to haunt the pattern when the afternoon retraced all of the post-open gains. Price action still indicates a blow-off rally, and not accumulation, so we're still waiting for a short-entry parameter to trigger. The current parameter has been raised.(Basis Dec) Short under 357 for 324-1/4 and 288 targets, 363-1/2 stop PREVIOUSLY... (Basis Dec) Short under 324 (10/31) for 288 and 272 targets, 325 stop (met 11/1)
Wheat “W” – mini “YW”(Dec)
Coverage for Nov. 9The optimism that had prevented filling the gap back to Friday's close suggested that any higher high would not succeed at becoming a new rally leg. And despite gapping up at Wednesday's open, and extending higher through the morning, the afternoon retraced all of the post-open gain. A close under 496 would reinstate the decline's momentum.(Basis Dec) Short under 523 (10/18) for 495 (10/31) and 462 targets, 500-1/2 stop (met 11/8)
Soybeans “S”- mini “ZS” (Jan)
Coverage for Nov. 9Last Thursday's surge hadn't been confirmed, so Wednesday's gap up was unable to extend to new highs. This price action is in-line with a rally that is ending, so any forcibly higher close would suggest otherwise. The short-entry parameter has been adjusted higher.(Basis Jan) Short under 667 for609-1/2 and 594-1/2 targets, 675 stop PREVIOUSLY ...(Basis Nov) Short a bounce to 631 (7/10) for 567-3/4 (met 8/11) and 534-1/2 targets, 548-1/2 stop (9/15)
Soybean Oil “BO”- mini “ZL” (Jan)
Coverage for Nov. 9Wednesday's opening gap up was retraced entirely to fill the gap back to Tuesday's close. The "ineffectual optimism" makes any lower close likely to retrace a substantial portion of the past month's rally, initially targeting the 26.75 area.(Basis Dec) Long on pullback to 24.50 (10/10) for 27.15 (met 10/26) and 27.70 (met 10/30) targets, 27.20 stop (triggered 10/31)
Soybean Meal “SM” – mini “ZM” (Dec)
Coverage for Nov. 9Last Thursday's surge had not been confirmed in three days, but that didn't prevent Wednesday's open from gapping up to new highs. However, it did prevent the open's surge from extending higher, and the balance of the session only ranged sideways. The lack of follow-through is in-line with the pattern of an aging rally that requires a correction. The short-entry parameter has been adjusted higher.(Basis Dec) Short under 195.50 for 171 and 167 targets, 198 stop PREVIOUSLY... (Basis Dec) Long above 165 (9/20) for 169 (9/21) and 179 targets, 166.50 stop (met 9/22)
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