AUDIO COMMENTARY

Another day lacking news
Grains struggling without feeding the bull
What does the market think is not possible?
Nobody thinks corn acres won’t be up massively
Huge corn acres has to be somewhat priced in
A chance they find stocks relatively low
Almost every April-May wheat sees some sort of weather scare
Corn & beans typically see opportunity in June while wheat’s is typically in May
Don’t like doing any marketing here
Tariffs still spooking the market, long term could be a good deal if it doesn’t take demand away
World situation still friendly corn & wheat and that won’t change until after this growing season
A tight world situation means a weather scare will lead to a greater rally
Low acres could tighten US bean story
The USDA is playing a game with old crop & new crop corn
Cheapest corn & wheat in the world
What levels we need to hold (charts below)*

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CHARTS

May Corn 🌽

Really want to see us hold $4.56 as that is 61.8% of this mini rally

$4.54 is 61.8% of the entire rally

$4.54 is also the 200-day MA

This level was also key resistance for 3 months to end the year

Having this many points of interest makes me think we will hold this level

I could of course be wrong, but the reasons are there

Here is a look at the 200-day MA

Again, it was once massive resistance, should offer new support

Holding this is the bulls #1 mission

We did post a bearish pennant, so that is something to watch

This could trigger a final leg lower

Dec Corn 🌽

Nothing to update, bulls want to hold the red box

$4.47 is 61.8% of the entire rally. It was also past resistance

May Beans 🌱

Pretty much at a must hold spot here

This was massive support for the past 275 days

This is also 61.8% of the entire rally off contract lows

If we can hold this level, we have a massive inverse head & shoulders pattern (bullish) but we need to hold this level to keep bulls hopes of that alive

A lot of times in head & shoulders, you will get a head fake lower on the right shoulder before reversing. So that could happen as well, but we do not want to venture much below this level

Looking to the upside, we need a close above the 100-day MA for me to even ask myself if we posted a bottom