ARE THE TIDES STARTING TO TURN?
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
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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.
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Check Out Past Updates
5/1/24
BE PATIENT & READY FOR THESE OPPORTUNITIES
4/30/24
FIRST NOTICE DAY SELL OFF
4/29/24
WHEAT TAKES A BREATHER
Read More
4/26/24
SHOULD YOU REWARD WHEAT RALLY?
4/25/24
WILL FUNDS BE FORCED TO COVER?
4/24/24
WHEAT CONTINUES BULL RUN & CORN FAILS BREAK OUT
4/23/24
FUNDS CONTINUE TO COVER & RALLY GRAINS
4/22/24
GRAINS CONTINUE 2-DAY RALLY
Read More
4/19/24
ONE DAY WONDER? EXTREME VOLATILITY & RALLY
4/18/24
GRAINS WAITING FOR WEATHER MARKET
4/17/24
NOT IN THE WEATHER MARKET QUITE YET
Read More
4/16/24
CHOPPY TRADE IN GRAINS CONTINUES
4/15/24