Here is our take on the 5 major grains elements measured off the hourly charts. Take a few minutes to review this analysis as you go about your restful weekend:

• Soybeans: Long term support is between 1159:50~1180.25 for the July contract so this may reset at the time of roll. Longer term price target likely using forward facing expirations is 1286. Chart: https://app.screencast.com/e2AEhfoAwOoxf
• Meal: Longer term support is between 346.6~355.5. Price target 400. Chart: https://app.screencast.com/qbOMBPlgNDtOd
• Corn: Has support between 436.75~450.75 - so we are at the upper support price point. This is clearly a long trade after the recent consolidation off the 475.5 high made last week. Expect 487~488 as immediate profit targets. Chart: https://app.screencast.com/qbOMBPlgNDtOd
• Bean Oil: Oversold in the recent session but throwing in a recent bid past the most recent WASDE report. Use 43.16 area as support and price target of 47.75 using front month expiration contracts. Chart: https://app.screencast.com/OFVLAXNMJaZVS
• Chicago Wheat: Support is from 594~631.50 targeting 728. Similar to Corn and despite supply situation and last weeks consolidation, that price target looks good for front facing futures contract expirations. Chart: https://app.screencast.com/ZS1Pf3J9qHcof
• Oats: Amazing pullback after the 433.50 peak made in early May. We could drop some ore to the 350 area but from that region we have strong support targeting 458.50~517, again using front period expirations. Chart: https://app.screencast.com/8ev7ECjreVgXe

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