FLOORS, RISKS, & POTENTIAL UPSIDE

Written By Sebastian Frost

AUDIO COMMENTARY

  • Great close in the grains

  • Corn old resistance to new support?

  • This USDA report “should” be friendly stocks

  • Yield is still a wild card

  • Corn has a lot of potential

  • $4.41-$4.46 next corn target (chart below)

  • If you don’t have any protection yet

  • Nobody is talking about demand

  • Rain looks to stay in Brazil

  • How much rain is priced in?

  • Massive crop in Brazil still real risk

  • China stimulus rumor

  • Be aware of bean downside risk

  • Unknown China vs Trump situation

  • Getting comfortable. Stop guessing

  • Wheat got another leg higher?

  • Keep floors if you have stuff to move

  • All chart breakdowns below*

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CHARTS

Corn 🌽

We are finding support right where we should. This green box.

This $4.23-26 level was our old resistance. It is now our new support.

Would really like to see us hold this. If we cannot, we could test the bottom end of this channel which also corresponds to that $4.13 support area.

Looking to the upside, $4.41 to $4.46 is still the next target. That is our Feb lows & 50% retracement to the May highs.

Beans 🌱

Beans bounced right off the bottom of that channel.

We really need to hold that. If we cannot, the next levels of support are $10.18 and then $10.00

We still have resistance at that green box ($10.65 to $10.80). If we can bust that, the next target is $10.97 (purple line)

Wheat 🌾

We still remain in an uptrend in this channel.

We have support at the bottom of this channel.

But the most important support is that $5.80 level. (pink line)

It was support several times in the past. Then it became resistance. It is now again support.

If that breaks, $5.65 is the next level.

Looking to the upside, we already met my first $6.12 target. A bust above that and my next target is still $6.40 (our 50% retracement to the May highs)

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sfrost@dailymarketminute.com

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Sebastian Frost
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BEANS FALL APART
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