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Corn “C” – mini “ZC” – (July)
Coverage for May 31
Wednesday's open gapped up to the short-entry's 368, then surged sharply higher to eventually prove last week's prior high. A lot of energy was just expended in a short time just to travel from one end of the range to the other. Despite the intraday rally - or because of it - there is no signal whether this test of upper-end of the 3-week trading range will break higher, or hold. But trend followers already long might want to consider a stop under 379.
Short under 368 (met 5/29) for
356 target,
369 stop (met 5/30)
Wheat “W” – mini “YW”(July)
Coverage for May 31
Tuesday's close AT the 491 level failed to signal that a new downleg was underway. Buyers exploited the vacuum with a rally at Wednesday's open that surged higher still into the afternoon. A higher high is almost obligatory, and there is potential to new highs so long as there isn't a close under Wednesday's 512 close.
(Basis Jul) Short under 504 (met 4/24) for
474 and 448 targets,
508-1/2 stop (met 4/25)
Soybeans “S”- mini “ZS” (July)
Coverage for May 31
Tuesday's loss had broken the rally's back, but that didn't stop a rally Wednesday from retracing most of Tuesday's loss. The open's initial loss was reversed by a morning-long rally that peaked upon testing Tuesday's post-open high. The gap back to Friday's higher close wasn't filled, and probably should have been (or should be) since it's a magnetic attraction and it's so near. A new high close above 813 would signal that the rally's back had miraculously healed.
(Basis Jul) Long above 750 (met 5/11) for
781 (met 5/15) and 800-1/2 (met 5/21) targets,
804 stop (met 5/29)
Soybean Oil “BO”- mini “ZL” (July)
Coverage for May 31
Tuesday's drop didn't break under a prior relative low, so a trend change hadn't yet been signaled. The rally still appeared to be done, and still appears to be done, even after Wednesday's big gain from its lower open. A close above 35.90 would start to give buyers traction for another upleg.
(Basis Jul) Short under 32.65 (met 4/24) for
31.70 and 30.90 targets,
32.75 stop (met 4/25)
Soybean Meal “SM” – mini “ZM” (July)
Coverage for May 31
After Tuesday's steep drop, the pattern had one chance to recover: an immediate and substantial rally. Wednesday's lower open did reverse up sharply to retrace all of Tuesday's post-open loss. Neither buyers nor sellers are clearly in control, and one or two more days of consolidation are possible.
(Basis Jul) Long above 202.50 (reinstated 5/14) for
215.50 (met 5/21) and 222.50 targets,
216.00 stop (met 5/29)
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