Corn remains in a large sideways consolidating trade. This type of chart action provides low risk trades for any trader but patience is the key. Wait for prices to either test $3.10 support or $4.10 resistance, or if the Stochastic and/or RSI signal a buy or sell, then take action. Risk is a weekly close that violates the trendline.
Soybeans have been trending slightly higher and are now approaching the top end of a larger symmetrical triangle. Using the Stochastic can offer guidance but once the triangle is taken out, use the MACD and trends as a long-term trading tool.
Wheat remains locked in a descending triangle but held support and posted a minor reversal. Traders should play this range and keep risk tight. Buy dips against $4.40 support and sell against $5.18 resistance.
Rich Nelson is director of research for Allendale Inc. You can reach him at firstname.lastname@example.org or www.allendale-inc.com