CAN WE FIND DEMAND?

Written By Sebastian Frost

AUDIO COMMENTARY

  • Corn made new lows but closed green

  • Higher crude might help grains long term

  • Areas that felt that heat aren’t full swing harvest

  • It will be a few weeks until we see the areas that are going to disappoint and make this market notice

  • We might not know a ton about yield until Jan.

  • What if yields drop and the SA crops not there in January?

  • Soybeans still have plenty of potential

  • Will corn spend more time above or below $5?

  • When combines roll I don’t think the yields are going to be there

  • What would need to happen for higher prices

  • If we are selling stuff we want to start re owning

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We go over what would need to happen for higher prices, if we can find the demand we need, why beans still have upside potential, the impacts of the SA crop, should you be re-owning & more.

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THE CHARTS

CORN 🌽

Corn did make a new low today of $4.67 3/4. But we managed to close a dime off those lows and back above that previous $4.73 1/2 support, but not above yesterday’s highs. Closing at $4.76 1/4.

Bulls need to hold the $4.63 level.

Current upside target: $5.00

BEANS 🌱

Beans closed right at that 23.60% retracement level. Bulls need to hold $13.00 or we could very easily test $12.82 (our August lows).

CHICAGO 🌾

Chicago trades lower for the 2nd day in a row, but we have still managed to hold those lows we talked about last week from the USDA report. We still believe there is a good chance Chicago made it’s lows ($5.70) Closed today at $5.84

Sebastian Frost
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