AUDIO COMMENTARY & CHART VIDEO

Corn posts new highs. Highest since June
Corn breaking out. Next targets in video below*
Big picture corn target. $5.00? (video & charts below)*
First time above 200-day MA since Oct 2023
Above 200-day could lead to more buying
Fundamentally corn still solid
Argentina dryness was the headline today
January USDA report will be the major one
Locking in floors +50 cents off the lows in corn makes a lot of sense for many operations
If you need to move something next few months be proactive. Spread some sales out or grab floors
Great price action in beans +44 cents off lows
Beans gave another opportunity to get protection
If you got bean protection at the bottom, do you make sales now, do you spend more money to protect?
Full chart video breakdown below*

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VIDEO CHART UPDATE

In this video we go over the breakout in corn. Short-medium term corn target & long term corn target. Interesting spot in soybeans. Wheat stuck in no mans land waiting for direction.

For those that do not want to watch the video, I attached images below the video.

CHARTS

March Corn 🌽

First time closing above the 200-day MA since Oct 2023. Big win for the bulls. When price is above the 200-day MA it means the longer term trend is turning more bullish.

My next target is the 161.8% fib extension of the recent rally from $4.25 to $4.51 which brings us to $4.67

We broke out of this ascending triangle. Looks really good (look at next chart)

Big Picture Corn Target 🎯 🌽

The implied upside objective for this ascending triangle is nearly $5.00

How you calculate that is by taking the top to the bottom of the triangle, and adding the difference to the point of breakout.

In this case it was a 48 cent range. So we add +48 cents to the breakout point of $4.51

This is a longer term target. Would align nicely with that seasonal spring to early summer rally we typically see.

Jan Beans 🌱

Interesting spot. +44 cents off the lows.

We reclaimed that support. Now trying to bust that downward trend from May.

A bust above would look good, but can’t rule out a bull trap if it happens.

The risk still remains lower for soybeans based on the fundamentals.

But from a technical standpoint, if we bust that downtrend things will look a lot better.

Still have to be cautious there is a still $1.00 risk here. I doubt we go as low as the $8.63 implied move, but you have to be aware $9.00 is definitely a risk.