UPSIDE BREAKOUT IN CORN
AUDIO COMMENTARY
Corn finally breaks resistance. Scroll for technicals & targets
What could push corn higher
Demand has came back. That’s what changed
Ukraine tensions support wheat
Wheat takes back day of USDA losses
What you should be doing if you are going to be making sales or have made sales
Being proactive. Hedging, not chasing
Outperforming the market
Not being forced to do anything. Basis, sales, etc.
Taking back the advantage the big players have
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THE CHARTS
Corn 🌽
We took out all of September’s highs. Corn hadn’t closed above $4.90 since August 28th. Corn hasn’t closed above $5.00 since August 1st. Today we closed at $4.97 1/2.
We have been mentioning that if we get a break above $4.92 that would be the technical indicator that points to higher prices.
We also have created an inverse head and shoulders pattern (bullish indicator).
Next upside target is that 100-day moving average at the $5.10 level. After that, $5.30 and then $5.49 are reasonable targets. Could stall out here short term with harvest, but the technicals still point to higher prices.
Beans 🌱
Stopped out right at resistance of $12.81 1/2. Closing just 1 cent shy. We need to break $12.81 1/2 to get some more technical buying.
Bulls need to hold our recent lows of $12.56 1/2, if they can’t, the downside is still there.
However long term, there is still so much potential upside.
Chicago 🌾
Wheat takes back essentially all of our losses from the awful USDA report. Now 40 cents off those lows. If we can string a few good days together the buying should come.
First upside target is $6.00. Bulls need to hold our lows from the day of the report if we don’t want to see more technical selling.
KC 🌾
Same story for KC as Chicago. Need to hold those lows. First upside target is that 23.6% retracement of $7.25 which is still a ways away currently.
