Morning Commentary

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

Good morning,

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.


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