ARE THE TIDES STARTING TO TURN?

Written By Sebastian Frost

AUDIO COMMENTARY

  • Grains rally across board

  • Corn nears 100-day for first time in 280 days

  • Corn nearing breakout (Charts Below)*

  • Highest corn in 3 months

  • What is driving the markets?

  • Meal flooding and Argentina strikes

  • This the start of the seasonal rally?

  • Funds might be forced to cover

  • There is fear of delayed planting

  • Next 45-60 days has a lot higher prices

  • Being patient and proactive

  • Bears are bullish now

  • The tides are starting to turn

  • What is your plan?

  • The wheat story

Listen to today’s audio below

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CHARTS

July Corn

280 days.. thats how long it’s July corn closed above the 100-day MA. Today we closed at $4.59 3/4 while the 100-day MA sits at $4.60 1/4.

$4.60 also happens to be our highs from the March USDA report.

A break above should cause more fund buying.

Dec Corn

$4.81 is a huge level.

We closed above the 100-day MA and downward trendline from our June highs last year.

$4.81 is the high from the March 28th USDA report.

There is a lot of room to run above that.

We chopped in a 15 cent range for 141 days from Aug 3 to Dec 22 between the $5.03 to $5.19 area before gapping lower on new years. The $5.00 level looks like a good place for a target for those that want one.

July Beans

We took out that first resistance I had been talking about. Next resistance is our 100-day MA at $12.20

We are still a ways away, but a break above those March highs of $12.40 could make things really interesting.

We have that new years gap above $13.00 for those who want a target.

July Chicago Wheat

We continue to find support at the 100-day MA.

No clear indication if we will go higher or lower from here. If we were to close above the 200-day MA it would bring more fund buying.

July KC Wheat

In my update Monday I said $6.21 was the next support. It looks like we have found some solid support here.

Same as Chicago, no clear indications but a close above the 200-day would likely bring more upside.

Want to Talk?

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(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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