HIGHEST CLOSES SINCE JULY. UPSIDE & SALES CONSIDERATION

Written By Sebastian Frost

AUDIO COMMENTARY

  • Grains strong. Solid price action

  • We started off low then reversed higher

  • Highest corn close since July

  • Corn sitting at huge resistance (chart below)*

  • All technical charts below*

  • There could be a lot more short covering

  • Yield reports all over the board

  • Could see another 20-40 cents upside in corn

  • China drops interest rates, could lead to them buying

  • $11 beans is very possible

  • Don’t sell nearby if making sales. Use the carry

  • What is the Brazil situation?

  • Bean carryout situation “could” indicate $8 beans next year if everything plays out the way the USDA sees US & Brazil

  • Spreading out risk to be comfortable

  • Does your situation say you should be making a sale?

  • Things to do if have to move off the combine

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CHARTS

Corn 🌽

We are pushing right up against that biggest trend line I have been talking about for a few months now. Will have to see if this time we can finally bust through, or if we will once again reject lower.

A break above would be a huge win.

Here is a closer look.

I still think our next stop is $4.23-26

That was our July highs and is also the implied breakout move from the bull flag.

Today we broke that pretty significant $4.13 resistance.

Beans 🌱

We finally made our first higher high since May.

My targets where you might want to be considering scaling into a few sales is that green box.

$10.65 to $10.80. That area might see some resistance.

Wheat 🌾

I am still cautious of the potential head & shoulders pattern (bearish pattern). But if we get a slight push higher here, it will invalidate this formation and simply look like a continuation higher.

So personally I am leaning towards us crawling a little higher but just want to be aware. IF the H&S played out, the implied move would be $5.30.

My first target is $6.12 and my second is $6.40. In my opinion I think we will get a chance at +$6 wheat.

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Sebastian Frost
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