6TH STRAIGHT DAY OF CORN SALES

Written By Sebastian Frost

AUDIO COMMENTARY

  • More export sales. 6 days straight of corn

  • Decent price action despite early struggle

  • Demand remains very strong

  • Who should protect recent corn rally

  • Feels like corn could go higher from here

  • Corn chart looks very solid (chart below)*

  • Buy signals for some?

  • Strategies instead of basis contracts/DP

  • Spreads weren’t as firm today

  • Spreads say more demand vs supply

  • Roll basis contracts with firmer spreads

  • Be comfortable with risks in soybeans

  • Brazil crop & trade war are real risks

  • Wheat continues to leave dojis on chart

  • If you made wheat sales recently

Listen to today’s audio below

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CHARTS

Corn 🌽

Corn chart looks very strong. We took out $4.13. That was my first level I needed to say “okay we might be done going down”.

Seasonally, we get one bottom in early fall (Aug-Sep) then another bottom after harvest is almost complete & harvest pressure eases. We very well might’ve gotten that.

We are pushing up against that channel resistance that was once support (bottom black line).

This $4.19 level is also resistance. If we can bust through here, I do not see why we could not test those highs.

$4.00 is still a must hold.

(Below is close up & big picture view)

Beans 🌱

Bean chart doesn’t look as friendly as corn. However we have got some nice action.

I still need to see us close above $10.00 to say “okay maybe we are done going down”.

Wheat 🌾

Wheat chart looks “okay”.

We are finding resistance at the bottom of this channel and the $5.80 level.

We have found support twice at $5.65 the past two days. I would really like to see us hold that. If that level fails, there is little support below.

I can’t really say it looks like we are done going down until we break Friday’s high of $5.95 1/2.

(Below is close up & big picture view)

Past Sell or Protection Signals

We recently incorporated these. Here are our past signals.

Oct 2nd: 🌾 

Wheat sell signal at $6.12 target

CLICK HERE TO VIEW
 

Sep 30th: 🌽 

Corn protection signal at $4.23-26

CLICK HERE TO VIEW
 

Sep 27th: 🌱 

Soybean sell & protection signal at $10.65

CLICK HERE TO VIEW
 

Sep 13th: 🌾 

Wheat sell signal at $5.98

CLICK HERE TO VIEW
 

May 22nd: 🌾 

Wheat sell signal when wheat traded +$7.00

CLICK HERE TO VIEW

Want to Talk?

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(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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