WHEAT CONTINUES BULL RUN & CORN FAILS BREAK OUT

Written By Sebastian Frost

AUDIO COMMENTARY

  • Wheat continues it’s rally. Up +60 in 4 days

  • Corn fails to breakout of USDA day highs

  • The wheat charts look strong

  • Should you be selling wheat?

  • Delayed planting?

  • Why this market could top out later than usual

  • Tremendous upside if yield falls

  • Charts below*

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CHARTS

Corn

We perfectly failed to bust out of this range at $4.54. If and when we break through that area, I expect more covering to drive us higher.

Like I mentioned yesterday, today’s price action shouldn’t have surprised you. We have May basis contracts needing to be priced and options expiration. That often leads to lower prices short term. Once we get that out of the way and get into a weather market, we have upside especially with the funds as short as they are.

Beans

We found resistance right at that November downward trendline. We popped above the 50-day moving average but failed to close above it.

Chicago Wheat

We took out some major key resistance. Like I had been saying for weeks, if we could break above that green line it should cause more upside.

We don’t really have any resistance now until the 200-day moving average at $6.28

However, we are overbought so don’t be surprised to see a small correction. Markets where we go straight up are not healthy and corrections are needed.

Overall from a technical standpoint, the chart looks great.

KC Wheat

Same thing as for Chicago. Took out key resistance and look great. The next big resistance might be the the 200-day MA at $6.62

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Sebastian Frost
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FUNDS CONTINUE TO COVER & RALLY GRAINS