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GRAINS

GRAINS: December corn futures closed up 1/2 cent at $3.71 1/2 Wednesday. Prices closed near mid-range and saw tepid short covering in a bear market. The corn market bears are still in firm overall technical control. Corn Belt extended weather forecasts show good growing weather up to at least mid-August. A steep price downtrend remains in place on the daily bar chart.

November soybeans closed down 13 3/4 cents at $10.81 1/4 a bushel Wednesday. Prices closed nearer the session low. Bulls are fading once again. Corn Belt extended weather forecasts show good growing weather up to at least mid- August, and that's bearish. The soybean bears have the firm overall near-term technical advantage.

December soybean meal closed down $5.70 at $348.60 Wednesday. Prices closed nearer the session low today. The soybean meal bears have the firm overall near-term technical advantage. But it still looks like a market bottom could be in place.

December bean oil closed down 14 points at 36.39 cents Wednesday. Prices closed near mid-range. The bean oil bears have the solid overall near-term technical advantage.

December Chicago SRW wheat closed up 5 3/4 cents at $5.49 1/2 Wednesday. Tepid short covering in a bear market was featured. Prices closed nearer the session high. The wheat bears still have the solid overall near-term technical advantage. Wheat will continue to generally follow the lead of corn and soybeans in the coming weeks.

December HRW wheat closed up 4 cents at $6.32 1/4 Wednesday. Prices closed near mid-range on tepid short covering in a bear market. The wheat bears still have the solid overall near-term technical advantage. Prices are in an 11-week-old downtrend on the daily bar chart.

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