GRAINS WEAK. OUTSIDE DOWN DAY ON CHARTS

Written By Sebastian Frost

AUDIO COMMENTARY

  • Grains weaker

  • Some possible downside reversals

  • Outside down day in most

  • ALL CHARTS BELOW*

  • Talk about China to lighten up tariffs or else

  • USDA next week. Important

  • Feels like tops coming off yields

  • If you made sales vs if undersold

  • Don’t see USDA increasing yield but possible

  • Watch out if it stays dry in Brazil

  • Puts & floors still pretty cheap

  • Some should look at protection for inputs on energy markets

  • Close to rewarding for some of you

  • Very important trendline for corn (check below)

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CHARTS

Dec Corn 🌽

We had an outside down day.

Traded above yesterdays highs, closed below yesterdays lows. This is often a bearish signal.

So I would not be surprised to see us correct a little farther.

But we closed right at our 50-day MA, so it would be a good spot to bounce here.

We rejected right off that May downtrend like I said we could (teal line)

We are also running into that long term support turned into new resistance. (pink line)

That pink line is a VERY IMPORTANT spot for corn. So make sure you check it out in the second chart I added.

We bounced off it a few times in the past, we have now rejected off of it 3 times.

IF we can push up through that resistance, the next stop is $4.23 area.

Ideally, I want to see us hold $4.03. Which coincides with the short term uptrend we have created (purple line). If we break below, we probably see us correct farther.

Here you can see just how important that pink line is.

Nov Beans 🌱

Outside down day just like corn.

So short term, technically could lead to a little more downside.

Ideally, I want to see us hold $10.00 and that upwards trend line we created (light blue line). Which means I’d like a bounce asap. Otherwise my next level is $9.85 area.

Today we rejected right off the 50-day MA and our mid July lows of $10.31. Last few days I said that level would likely bring resistance. A close above that likely brings more upside.

I still want us to make our first higher high at $10.42 to call the lows like I’ve been mentioning.

Dec Chicago Wheat 🌾

That green box at $5.80 is still the level to break like I’ve mentioned for weeks.

Still have targets of $6.12 and then $6.40 once we break out of this green box.

I do still need us to break out of this green box to be confident we printed our lows.

Dec KC Wheat 🌾

First target is $6.16

Second target is $6.50 area.

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Sebastian Frost
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