AUDIO COMMENTARY

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Dollar weakening again
Dec corn was pressured vs March
That corn spread widened like we talked about for those guys that waited to roll
VERY crucial spot for beans to hold (Chart below)*
Wheat massacred again
Wheat near lows. Where is next support? (Chart below)*
The long term wheat story still has potential
Trump tariff implications
Long term Trump could be good for demand
Be proactive if you have to move grain
Plenty of downside risks to lower prices
Seasonality says buy not sell

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CHARTS

March Corn 🌽

We are sitting in the “golden zone” (50%-61.8% retracements) from the Oct 17th lows to the Nov 8th highs.

So if we were going to bounce, this would be a good spot to do so. We also have that uptrend (bottom black line).

The stochastics are also bottomed out, which can often indicate bottoms.

Would really like to see us hold $4.23-$4.25. Wouldn’t be a great look if we broke below.

As for upside targets, my Dec corn chart looked a lot different as the Dec chart looked a lot more friendly with the spreads being on fire. But my first area to re-hedge or make sales if needed is still going to be that 200-day MA.

Jan Soybeans 🌱

Beans MUST hold this level.

It would not look good if we failed here. We bounced here several times and once again found support.

This pattern is called a descending triangle. The implied move to the downside is equal to the same move we saw to the upside, from the bottom to the top of the triangle.

In this case we saw a $1.12 rally from the bottom. Which would make the implied move down $8.63. ($9.75 - $1.12 = $8.63)

I hate being bearish. But this is something we have to be cautious of here.

To negate this pattern, we need to bust that downward trendline we have respected since May. That would look friendly.

On the bright side, the stochastic bottomed and is moving higher.

Seasonally we have also moved higher from here the past 13/15 years (not 2023 & 2017)