Wheat shorts were squeezed in last four days, and we saw an impressive jump in price. I still think this trend has chance to continue, but we need to be cautious here, as there is some weekly support ard 600+ Price level (that is the forward Senkou B (Kumo top) line, which is the actual 52 days Price average), so it gets a bit harder to move higher up with this pace. For this reason I took profit on wheat longs yesterday. Next rebuy attempt will be at a pull back to 555-565 range.
Corn: I start to have mixed feelings about this Corn trend. It still looks , but I would really like to see a further confirmation, which is nothing else but a higher close above 380. Please note that this front December contract will redeem and will be soon replaced with the March/2015, so in terms of March contract (which trades in premium to December) the level is rather 392.
Corn really needs to get this momentum, otherwise it will break the small and will either start a sideaway consolidation, or in a worse case forms a and reverses down. For this reason the ultimate stop has to be placed touch below previous horizontal key level (which is also a possible neckline for the pattern) at 360.
Soybeans: This product is still trading absolutely neutral. Price is in the Kumo, Tenkan and Kijun stay together (within the Kumo), Chikou is at Price candles. Future kumo is bullis biased but thin and flat.
There is still a long term , which by now stands together with Kumo and the upper horizontal key line of the range. On the otherside we have a smaller with the lower horizontal level ard 995-1000. And the interesting Price action will start soon, as this triangle is really tight. A break above 1060 could be very , and a break below 990 would re-open space for the bears.