Soybean Oil Steals the Spotlight

Corn:
Corn held firm overnight despite the Coca-Cola cane sugar news.
Market faded into the close after soft export sales and overbought signals.
Traders dismiss the Coca-Cola narrative as yesterday’s news.
Pollination issues surfacing in areas with extreme nighttime heat stress.
Strong support held near 407–408; resistance stands at 429–434 gap.
Seasonal trend into August suggests limited upside; rallies should be sold.

Soybeans:
Soybeans followed soybean oil higher, touching within a penny of the 200-day moving average.
Potential wave-two low could be in place; August weather remains a wildcard.
Further upside depends on sustained oil strength and export traction.

Soybean Oil:
New contract highs printed on spot charts amid surging export demand.
Price action suggests wave three may still be unfolding unless reversed by Monday.
Continued rally would support the entire soy complex and possibly ignite further fund buying.

Wheat:
Lost closing support; head-and-shoulders bottom pattern now invalid.
Opens path to retest continuation chart lows in the 510–520 area.
Seasonal weakness likely continues through next week.

Cattle:
Inside day after contract highs Wednesday; volatility remains high but trend intact.
Wave count suggests move toward 330–337 in feeders is still underway.
Nebraska trade at $280 dressed reinforces bullish tone.
No technical evidence of a top yet; strength expected to continue.

Crude Oil:
Holding support; likely still in wave two of the current rally.
Trump threat of 100% tariffs on Russian oil and 50% for buyers could tighten supply.
Market may push toward $78 retracement target before setting a fall low under $60.
Fuel buyers should prepare for higher short-term prices into August.