WAS TODAY HEALTHY CORRECTION BEFORE GRAIN RALLY RESUMES?

Written By Sebastian Frost

AUDIO COMMENTARY

  • Sell signal wheat follow up

  • Choppy action for corn & beans

  • Early harvest results

  • Basis thoughts

  • Crop insurance rally still coming?

  • Corn & soybean targets

  • Selling wheat calls

  • Selling the carry

  • Why harvest weather is important

  • Was today healthy correction?

  • Call in for 1 on 1 market recommendations

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CHARTS

Corn 🌽

This bull flag breakout is still valid unless we take out Friday’s lows of $4.06. A break below and it becomes invalid.

Implied move for the flag is still $4.23-$4.26

This pink line is still the biggest thing I’m watching to confirm a bottom.

A break above and it would look good saying we likely made our lows.

Beans 🌱

Basically just range bound in this triangle. A break above likely brings more upside. I still want to see us make a higher high at $10.42 to call a definite bottom

Support remains at $10.00

Wheat 🌾

Not a good candle today.

Broke right back into that green box of $5.80. Could bring more downside or be a bear trap. We will likely know soon. Could very well find support here, as we did previously see resistance here.

Ideally we need to hold $5.60 to keep this recent uptrend in tact.

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Sebastian Frost
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CORN & WHEAT BREAK OUT: EVERYTHING YOU NEED TO KNOW