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Corn “C” – mini “ZC” – (Sep)
Coverage for June 28
Wednesday's session trended down into late-afternoon instead of bothering to bounce. Strength into the close might extend higher Thursday to the 366 area, but MACD & RSI readings at Wednesday's low require at least a retest, if not a deeper decline.
Wheat “W” – mini “YW”(Sep)
Coverage for June 28
Monday and Tuesday's "ineffectual optimism" didn't prevent Wednesday's open from probing new highs, but the balance of the session fell back into negative territory. Price action was still ineffectually optimistic since the reversal stopped just short of simply filling the gap back to Monday's close, which would have helped to establish support. Now a close under 600 would likely trigger a deeper and steeper drop.
Soybeans “S”- mini “ZS” (Sep)
Coverage for June 28
Wednesday morning's higher high was eventually rejected by a drop to 812, where a bounce finished the day back at the original 822 limit. Under 813 would trigger another downleg. There is no buy signal, but in the absence of a downleg the pattern could drift higher to 837.
Soybean Oil “BO”- mini “ZL” (Sep)
Coverage for June 28
The decline was free to resume Wednesday and most of the session trended down. Until the final minutes when a surge retraced most of the session's loss. Since sellers failed to exploit a situation that was in their favor, a new downleg isn't likely without gapping down sharply under 34.80.
Soybean Meal “SM” – mini “ZM” (Sep)
Coverage for June 28
Wednesday's opening strength was brief and soon reversed into negative territory for the balance of the session. A break under Wednesday's 221.50 low is needed to trigger a new downleg, and the consolidation is otherwise likely to extend.
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