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Grains Update

While reviewing Corn (NYSE:C), Wheat (NYSE:W), Soy (NYSE:S) and Bean Oil (BO) we saw that from a COT (Commitment of Traders Report) perspective these Commodities continue to show a bullish COT profile. Even with the current weakness, we continue to view the Grains at the very least, as a hold. Each show decreasing Commercial buying and high levels of Commercial selling and Large Spec buying suggest another push higher to our Elliott Wave targets for Corn at 4.70, Wheat at 6.47, Soy at 11.63 and Bean Oil at 43.26.


Disclosure: We maintain positions in Stocks and Commodities we recommend