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Corn “C” – mini “ZC” – (May)
Coverage for March 1
Tuesday's low came within 2 points of the target, but the session's consolidation resolved higher Wednesday, triggering the 431 stop. Now a close under 433 would be enough to reinstate the decline, confirmed under 425-3/4, and targeting 388.
(Basis May) Short under 439-1/2 (met 2/26) for 418-1/2 target, 431 stop (met 2/28)
Wheat “W” – mini “YW”(May)
Coverage for March 1
Wednesday's session ranged sideways until a late-afternoon surge back to Tuesday's bounce highs. The late surge appears to have been short-covering among traders that had anticipated the decline's resumption. Under 484-1/2 would take away any traction buyers might have gotten from the bounce, and under 480-3/4 would signal at least a retest of Tuesday's 468 low.
(Basis Mar) Short under 543 (10/18) for 515 (10/31) and 482 targets, 505 stop (met 11/22)
Soybeans “S”- mini “ZS” (May)
Coverage for March 1
Wednesday's inside day remained within Tuesday's post-open range, unable even to enter Tuesday's opening gap, let alone fill it. The gap does need to be filled eventually and the decline is also likely to resume, but there is no signal either way or which will occur first.
(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” (May)
Coverage for March 1
Wednesday's session should have immediately extended Tuesday's drop to prove that Monday's Island was valid. But any lower low at Wednesday's open was retraced entirely and reversed well into positive territory. The pattern nevertheless remains bearish since Wednesday's probe of prior relative highs was rejected and the session closed nearly unchanged.
(Basis May) Short under 30.35 (met 2/14) for 27.85 target, 30.65 stop (met 2/21)
Soybean Meal “SM” – mini “ZM” (May)
Coverage for March 1
Wednesday's narrow inside day hardly comports with the crash setup signaled several days earlier. The real test will be the reaction to filling the gap back to Monday's close. A lower low, first, can't be trusted to decline throughout the day before then.
(Basis Dec) Short under 195.50 (met 11/10) for 171 and 167 targets, 194 stop (met 11/24)
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