MASSIVE DAY FOR THE GRAINS

Written By Sebastian Frost

AUDIO COMMENTARY

  • What changed from last week?

  • Corn back near highs

  • Soybeans get huge breakout, new highs

  • ALL CHARTS BELOW*

  • Head & shoulders in wheat? Chart below*

  • Algos left bear traps

  • China sniffing for beans

  • Dry situation in Brazil

  • I still think we have more upside

  • Those who should spend money on puts or reward the rally

  • Not opposed to rewarding rally, but no official signal today as there is no trigger saying can’t go higher

  • Take advantage of the big carryout

  • Good day to sell calls

  • USDA quarterly stocks report at the end of the month, what it could bring

  • Re-evaluating your grain marketing plan

  • Harvest pressure isn’t the same as 10-20 years ago

Listen to today’s audio below

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Corn 🌽
We got a bear trap below that uptrend (dotted line) I mentioned was possible yesterday.

Very strong action.

We are right at very strong resistance here at $4.13

If we can break above, the next stop is $4.23-26

That bull flag I mentioned a week or two ago also still has $4.26 as the implied move.

This is still by far the biggest thing I am watching.

A break above this old support turned to new resistance would be a massive win and offer more upside.

Getting close.

Beans 🌱

Massive breakout in beans.

We had a clear breakout of this triangle (black lines)

We topped out right at that $10.42 level.

A break above $10.42 would give us our first higher high and offer more upside.

After that our next resistance is around $10.80

Wheat 🌾

I still havr targets of $6.12 and potentially $6.40

HOWEVER, I am being very cautious of this potential head & shoulders pattern we have created.

This is a bearish formation, and the implied move lower takes us to $5.30

We need to break those recent highs to invalidate this formation.

Fundamentally I still see reasons we could go a little higher, but this is what the charts are showing.

Want to Talk?

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(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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EARLY YIELD TALK, DROUGHT, BRAZIL, SEASONAL LOWS & MORE