Good Evening 09-27-13… Markets closed mixed for the day but finished out the week higher. December corn futures posted a weekly advance of 3 cents, November soybeans close 4 1/2 cents higher and Chicago December wheat scored a healthy 37 3/4 cents gain. This was the first higher close in December corn futures in 4 weeks and by slicing under last week’s low earlier in the week registered a reversal-up on the December weekly chart. It comes 6 weeks after scoring a weekly reversal-up from the low posted during the August crop report week. Follow through strength next week will be needed to shore-up a developing double bottom formation on the daily chart. November soybean futures also scored a reversal-up on the weekly chart and by doing has put them in a much improved technical position to climb back into the flag/congestion area, leaving the 6 day trade under the congestion area a “bear trap”. If a move of above 7.30 can be realized next would open the door to a run back to the top end of the congestion area of 14.00. The moving average “golden cross” is supportive toward a round of long term trader buy interest. Chicago December wheat futures continued their run to the upside with five days of price strength to close above the 100-day moving average on the December futures chart. The upside target is a push to 7.05 level. H. Dan Zwicker Dan.Zwicker@cgb
Posted on: Fri, 27 Sep 2013 21:30:03 +0000
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