BEANS & WHEAT HAMMERED
AUDIO COMMENTARY
Wheat hammered on Russia news
China talking about not taking beans
Wheat breaks uptrend (chart below)*
Corn fails follow through on key reversal
Bean spreads gave back
Basis has popped some areas
Spreads are a lot different than year ago
Unknown exports off the charts
Are the buyers under bought?
Trump & China is house of cards
Different strategies
If you’re in an area with a huge carry vs in an area where basis has firmed
What to watch for in basis post harvest
Still plenty of unknowns
Listen to today’s audio below
CHARTS
Corn 🌽
We failed to follow up yesterdays bullish key reversal, so that was disappointing.
But the chart isn’t broken. We do however desperately need to hold $4.00. If we do not.. there is very little support beneath us and it opens the door to test those old lows.
On the flip side, a break above $4.13 likely means we are going higher.
$4.00 and $4.13 are the levels to watch.
Beans 🌱
Chart still looks awful.
Honestly from a technical standpoint it does look like we might make new lows.
We have support at that $9.61 area which is our old lows as well as the resistance from the trade war.
Bulls need to crawl back above $10.00 to have some hope we are done going down.
Wheat 🌾
Very bad day today. We broke that channel support. (blue line).
We also broke that key $5.80 support (pink line)
So not ideal, but the chart is still not broken and still looks better than both corn and beans.
Next support is $5.65. That is a big area of support we want to hold to keep the momentum higher.
Past Sell or Protection Signals
We recently incorporated these. Here are our past signals.
Oct 2nd: 🌾
Wheat sell signal at $6.12 target
Sep 30th: 🌽
Corn protection signal at $4.23-26
Sep 27th: 🌱
Soybean sell & protection signal at $10.65
Sep 13th: 🌾
Wheat sell signal at $5.98
May 22nd: 🌾
Wheat sell signal when wheat traded +$7.00
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Check Out Past Updates
10/17/24
OPTIMISTIC PRICE ACTION IN GRAINS
10/16/24
BEANS CONTINUE DOWNFALL. CORN & WHEAT FIND SUPPORT
10/15/24
MORE PAIN FOR GRAINS
10/14/24
GRAINS SMACKED. BEANS BREAK $10.00
10/10/24
USDA TOMORROW
10/9/24
MARKETING STYLES, USDA RISK, & FEED NEEDS
10/8/24
BEANS FALL APART
10/7/24
FLOORS, RISKS, & POTENTIAL UPSIDE
10/4/24
HEDGE PRESSURE
10/3/24
GRAINS TAKE A STEP BACK
10/2/24
CORN & WHEAT CONTINUE RUN
10/1/24
CORN & WHEAT POST MULTI-MONTH HIGHS
9/30/24
BULLISH USDA FOR CORN: RECOMMENDATION
9/27/24
UP-TOBER? SELL SIGNAL, TARGETS, & FACTORS
9/27/24
BEAN SELL SIGNAL
9/26/24
NEW HIGHS BUT CONCERNING CLOSE
9/25/24
HIGHEST CLOSES SINCE JULY. UPSIDE & SALES CONSIDERATION
9/24/24
GREAT START TO THE DAY, AWFUL FINISH
9/23/24
MASSIVE DAY FOR THE GRAINS
9/22/24
EARLY YIELD TALK, DROUGHT, BRAZIL, SEASONAL LOWS & MORE
9/19/24
GRAINS SEE TECHNICAL SELLING
9/18/24
FED DROPS RATES, BRAZIL STORY, 2025 SALES?
9/17/24
TARGETS & WHAT TO DO IF YOU BOUGHT PROTECTION
9/16/24