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CORN, WHEAT, SOYBEANS and OATS

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Agricultural commodities are testing their decade-long trend line supports and are likely to rebound in the coming months. Prices are expected to rebound from such strong trend supports and in most cases put in a medium/long-term bottom. Especially when more than one trend line overlaps around the same area, it increases the significance of that support.

Higher prices in agricultural commodities could bring back the memories of 2007 where food inflation and shortages were the main concerns of the public. Most of the agricultural commodities are back to 2006 levels. Given the significance of the long-term supports, agricultural commodities could see an increase in demand in the second half of the year.

You can find more information on these agricultural commodities by clicking the links here (CORN, WHEAT, OATS, SOYBEANS, SOYBEAN OIL).

CORN

1st month continuation CORN futures contract – WEEKLY SCALE

 

WHEAT

1st month continuation WHEAT futures contract – WEEKLY SCALE

 

OATS

1st month continuation OATS futures contract – WEEKLY SCALE

 

SOYBEANS

1st month continuation SOYBEANS futures contract – WEEKLY SCALE

 

SOYBEAN OIL

1st month continuation SOYBEAN OIL futures contract – MONTHLY SCALE

 

CORN

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Is Corn forming a perfect inverted head and shoulder chart pattern? If yes, price should rally from these levels and reach the neckline around 530 levels in the next few weeks and if you see such price action you should be more confident that a year-long base formation is about to complete, suggesting much higher levels. I like to see symmetry in head and shoulder chart patterns and also a horizontal neckline. So far the chart pattern followed these characteristics. We are probably still at the early stages but it’s worth adding this chart to our watch list as a bullish chart development.

CORN