|Corn CBOT||December||3.74||↑ 11 cents|
|Soybeans CBOT||November||8.86||↑ 25 cents|
|Wheat CBOT||December||5.17||↑ 05 cents|
|Wheat Minn.||December||5.88||↓ 04 cents|
|Wheat Kansas||December||5.21||↑ 04 cents|
|Chicago Oats||December||2.95||↑ 12 cents|
|Canadian $||December||.7695||↑ 0.25 points|
Our red buy signal on the daily chart back on October 1 continues to perform.
We reached our upside target area of $3.80 on October 15 and have since moved back to the $3.75 area. Initial support is now seen at the $3.65 level on December. Indicators are neutral, but the primary trend is still down. We still need a close above the $4.40 level on the lead month contract to get excited about a major trend reversal.
Soybeans are still working towards our upside target of $9 on the November futures. This range of $8 – $9 is still a critical area. A close below the $8 level on November futures would signal more downside, while a break up through the $9.20 level on a close on November, could push us toward the $9.50 level and change the dynamics of our charts to a more bullish scenario.
Our weekly and primary indicators are still negative with a green light on the short-term indicators. Major overhead resistance is now at the $9.20 level, while initial support is seen at the $8 level based on the November futures. The primary trend remains down.
Wheat continues in our well-defined range of $5 – $5.30 on the December contract. This is well defined and suggests we will see a break to the upside towards our next target of $5.50 in the coming weeks. Solid support still seen at the $5 level on December Chicago.
Last commentary, we suggested we would see a rise to at least $6 per bushel on the HRS. This week the December HRS contract topped out at $6.02 ½ on October 15.
Good support is still seen at the $5 area on December Chicago futures while overhead resistance is now back at $5.50.
All indicators are positive, and the primary trend is still mildly bullish. Wheat is still the leading grain of the three in the race for a major trend reversal.
Harvest 2018 Grain prices as of the close, October 17, 2018 are as follows:
SWW @ $230.51/MT ($6.27/bu), HRW @ $237.68/MT ($6.47/bu),
HRS @ $237.92/MT ($6.48/bu), SRW @ $230.51/MT ($6.27/bu).