MASSIVE DAY FOR THE GRAINS
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.
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Check Out Past Updates
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
WAS TODAY HEALTHY CORRECTION BEFORE GRAIN RALLY RESUMES?
9/13/24
CORN & WHEAT BREAK OUT: EVERYTHING YOU NEED TO KNOW
9/12/24
USDA RAISES YIELD BUT REPORT WASN’T ALL THAT BEARISH
9/11/24
USDA TOMORROW. MAKE OR BREAK SPOT ON CHARTS
9/10/24
USDA THURSDAY
9/9/24
LOWS ARE IN UNLESS SOMETHING FUNDAMENTALLY CHANGES?
9/6/24
GRAINS WEAK. OUTSIDE DOWN DAY ON CHARTS
9/5/24
GRAINS GET HEALTHY CORRECTION. GETTING READY TO PROTECT DOWNSIDE
9/4/24
GRAINS CONTINUE RUN. WAYS TO PLAY THE MARKET. WHAT’S YOUR SITUATION?
9/3/24
GRAINS CONTINUE BREAK OUT FROM LOWS
8/30/24
ANOTHER STRONG DAY. GETTING MORE CONFIDENT BUT NO CONFIRMATION
8/29/24
CHANCE FOR A BOTTOM, BUT STILL CAUTIOUS. DIFFERENT MARKETING APPROACHES
8/28/24
WHEAT FOLLOW THROUGH WHILE CORN & BEANS GIVE BACK
8/27/24
DECENT PRICE ACTION. BASIS CONTRACTS. ROLLING VS FUTURES. NOT FALLING FOR BIG AG TRAP
8/26/24
FIRST NOTICE DAY PRESSURE & CROP TOUR RECAP
8/23/24