AUDIO COMMENTARY

Some heat stress shows in crop conditions
All markets well off the lows, showing signs of reversals
With funds and weather, one would expect a pop
Seeing some politics & weather dominating markets
Mini black swan with EPA deal
Beans +21 cents off the lows
Targets for soybeans & corn
If you’ve sold wheat
Need more export sales
When to and when NOT to use basis contracts. Correct & incorrect ways. Corn, beans, & wheat
Today left us a mini buy signal
For those that reward the rally last week
Charts below*

Listen to today’s audio below

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CHARTS

Corn

As I have been saying for a few weeks, we have not confined a bottom until we take out $4.26.

The must hold level is still $4.03

Until $4.03 or $4.26 is broke, we are range bound.

Beans

Despite getting hammered Friday, today was one of the strongest reversal type candles in a long time. +21 cents off the lows. We made new lows but didn’t post a new low close. We will still need to see follow through however.

Friday we rejected right off that May downtrend.

The level to break to confirm a bottom is still $10.97