BULLISH USDA FOR CORN: RECOMMENDATION

Written By Sebastian Frost

AUDIO COMMENTARY

  • USDA report breakdown

  • Stocks well below estimates for corn

  • Corn hits our $4.26 target

  • Corn highest level since June

  • Bullish report for corn

  • Neutral beans & wheat

  • Corn protection recommendation

  • What our recommendation means

  • Harvest supply could pressure market

  • If you have to sell the next month

  • Seasonals & charts point higher

  • Brazil & China still huge factors

  • All chart breakdowns below*

  • All current recommendations below*

Listen to today’s audio below

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RECOMMENDATIONS & CHARTS

If you have any questions on these please feel free to give us a call or text at (605)295-3100.

Corn 🌽

Recommendation:

If you have corn you have to move off the combine in the next 30 days, we advise considering buying $4.20 Nov puts.

Why did we alert this?

Looking at the chart, it looks great. We took out those July highs. This has been a target area of mine for a while to take risk off the table. This area could provide some strong resistance.

We also got the target implied move from that bull flag I mentioned a few weeks ago.

I do think we will be going higher, but as a producer your risk is lower. You’d be kicking yourself if we gave back this entire rally and you did nothing.

Worst case with puts is that you lose your money you spent on then. When you buy puts, you hope they become worthless so you can make a better sale that more than makes up for the put cost.

If we break past $4.26 (green box) the next big point of interest is going to be that $4.46 range.

After that, $4.60 is my next target for various reasons I mentioned in Friday’s update.

Beans 🌱

Fridays Recommendation:

We signaled to make small sales or preferably add puts between $10.65 to $10.80

CLICK HERE: For the full signal we sent

Technicals:

As I suspected, this $10.65 area is providing some good resistance.

We completed our target from the bull flag.

$10.42 is our new support.

If we can bust above this $10.65 to $10.80 range (green box), our next target is $10.97-$11.00

Wheat 🌾

Kind of stuck in no mans land here until we either break $5.65 or break this newly created downward trend resistance.

A break above and I think we see $6.12. $6.12 is my first target, $6.40 is my second target.

Last Recommendation:

On September 13th, our recent high. We recommended to take some risk off the table via small sales or adding puts. Our one before that was May 22nd. No current ones.

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(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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