Sept corn up 6 at $4.25
Aug beans up 6 ¾ at $8.865
The DOW is up
USD is stronger
Crude oil up $.41 at $56.66
Due to holiday week, Technicals are the only thing of interest. Please see below:
In average volume, preliminary open interest rose 4,800 lots. The trade count had the fund buying 4,000 corn. They’re now thought to be long 72,000 lots. The short term trend for December corn is bearish. The setback zone for this pattern is 420-405.5. Suspect we’ll see bottoming action from that zone. On Tuesday, the market was unable to fill the gap from May 24th at 420 and reversed higher. Stable action over 452.75 is needed to provide new upside targets.
In average volume, preliminary open interest rose 9,900 lots. The trade count had the fund selling 8,000 beans. They’re now thought to be short 81,000 lots. The short term trend for November beans is neutral-negative. Sustained trade below 903 signals a deeper retrenchment. Stable action over 932.25 will provide fresh upside targets.