Grain markets setups, signals and targets
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Corn “C” – mini “ZC” – (Dec)
Coverage for Nov. 30Tuesday's loss had confirmed buyers were not gaining any traction into the new highs, but not that sellers were gaining traction of their own. So Wednesday's opening gap down under Tuesday's lows wasn't able to extend any lower, and instead the balance of the session rallied back to Tuesday's close. Trending is still unlikely to begin Thursday.
(Basis Dec) Short under 357 (met 11/9) for 324-1/4 and 288 targets, 353-1/2 stop (met again 11/17)
Wheat “W” – mini “YW” (Dec)
Coverage for Nov. 30
A new downleg was not likely to begin just yet, so Wednesday's opening gap down under Tuesday's low quickly recovered back into the range. The balance of the session ranged sideways until a last-minute surge retested Tuesday's high. If a rally were going to begin, then it should begin no later than Thursday afternoon.
(Basis Mar) Short under 543 (10/18) for 515 (10/31) and 482 targets, 505 stop (met 11/22)
Soybeans “S”- mini “ZS” (Jan)
Coverage for Nov. 30
Tuesday's loss had confirmed buyers were not gaining any traction into the new highs, but not that sellers were gaining traction of their own. So Wednesday's opening gap down under Tuesday's lows wasn't able to extend any lower, and instead the balance of the session ranged sideways back to Tuesday's lows as resistance. Trending is still unlikely to begin Thursday, and the gap back to Tuesday's close is likely to be filled regardless of the pattern's eventual resolution.
(Basis Jan) Short under 667 (met 11/10) for609-1/2 and 594-1/2 targets, 661-1/2 stop (met 11/20)
Soybean Oil “BO”- mini “ZL” (Jan)
Coverage for Nov. 30A new downleg wasn't ready to begin, so Wednesday's opening gap down under Tuesday's low didn't extend any lower, and it held an afternoon retest as support. The afternoon's retest then resolved in a surge through the close. The close failed to recover above a prior high that would have made the afternoon's recovery relevant, so now the pattern IS free to begin a downleg.(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. 30Wednesday's open gapped down sharply under Tuesday's lows. A bounce held a retest of Tuesday's lows as resistance before reversing back down to retest the open's low. The low's retest held its test, and the balance of the session ranged narrowly into the close. There is now a gap outstanding back to Tuesday's close that is likely to be filled regardless of the pattern's eventual resolution.
(Basis Dec) Short under 195.50 (met 11/10) for 171 and 167 targets, 194 stop (met 11/24)
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