Here are some important signals to consider this week.
The CCI (Commodity Channel Index) does an excellent job at spotting short term turning points in the grain markets. The way to read the CCI is that when it cross above the +200 level or crosses below the -200 level, and then crosses back below or above, you have a signal to sell (red) or to buy (green).
Another strong buy signal would be the hammer at the bottom of the weekly chart. Notice how the CCI behaves on the weekly. It has yet to print a buy signal, but will soon.
The daily soybean chart is somewhat muddled with no real signals since June when I strongly recommended getting to 100% sold.
What looks ominous to me is the weekly soybean chart which produced a major sell signal this week.
Wheat has reached extremely oversold levels. These are great times to lock in any basis on old crop. The December wheat contract is asking to be bought. We should have a rally that will get the futures back in the $4.90 to $5.00 area.
Much like corn, the December wheat contract will print a buy signal soon on the weekly chart, and like corn has printed a hammer.
In short, I am very bullish wheat and corn, and moderately to majorly bearish soybeans.