Dec corn up ¼ at $3.6675
Nov beans down 3 ¼ at $8.665
The DOW is down
USD is stronger
Crude oil up $.42 at $74.71
Very short comments today since there is not much to say other than it is raining again.
The short term technical trend for December corn is positive. Target 375.5-380. The market is overbought, momentum is turning lower and approaching a sell signal. Setbacks that hold trend line support (today at 366) on a closing basis promotes rallies. A close under 359 warns of a pullback. System types are long with sell stops around 359.
The short term technical trend for Nov beans is positive. The target is 870-880. Holding former trendline resistance (857.25 today) helps support rallies. The market is overbought. A close under 848 warns of a setback. System traders are long risking 851.5.