December corn remains in an immediate downward trend. December Futures key support is 5270. As our Allendale Advance Charts suggest, Stochastics continue to advise that momentum points downward.
The next projected major turn day for corn is forecasted for September 25. Allendale recommends to Stand Aside the corn market at this time.
November soybean futures also remain in a downtrend. As advised in our Allendale Advance Charts, November soybean futures remain in a descending triangle. A breech of 11570 is expected to trigger a sell signal.
The next projected major turn day in store for soybeans is September 24, soybean meal September 11 and September 23 for soybean oil. Like corn, there are no new futures only trade recommendations for soybeans.
With continued lower lows and lower highs in the CBOT, MGEX and KCBT wheat futures the market remains bearish.
The next schedule projected major turn day in store for wheat is Wednesday September 30.
Following are some Trade Ideas Allendale is considering in the wheat markets.
Dec CBOT Wheat:(09/11) Sell 1 @ 7530. Risk and reverse 7770.
Obj 6860
Dec KCBT Wheat:(09/11) Sell 1 @ 7920. Risk and reverse 8080. Obj 7420
Dec Minn Wheat:(09/11) Sell 1 @ 8190. Risk and reverse 8340 Obj 7690
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