POOR PRICE ACTION & SPREADS WEAKEN

Written By Sebastian Frost

AUDIO COMMENTARY

  • Very poor day today

  • Spreads weakened up

  • 8th straight day of corn sales

  • Prices range bound for a while?

  • Longer term demand is strong

  • Brazil, China, election all unknown

  • Spread action in beans disappointing

  • First notice day next week

  • Scary scenarios

  • Wheat gives back entire weeks gain

  • KC chart looks more bearish than Chicago

  • If you still have stuff to move. Have floors

  • More upside than downside in corn & wheat?

  • Drought is something to watch

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CHARTS

Corn 🌽

We rejected right at that green box & downtrend.

Next support is $4.13 area. Ideally, we hold that.

Next support is $4.00 which is a must hold. No support after that until the old lows.

If we bust above this green box ($4.26) nothing stops us from testing those recent highs.

Beans 🌱

Rejected right off that green box.

Can’t even ask if we are done going down until we get a close above $10.00 at least.

Target for those looking to take a little risk off is $10.31 (61.8% retracement to recent highs).

Chicago Wheat 🌾

We continue to hold this $5.65 support.

If we break below, it won’t look very good.

(Look at KC below, we actually broke this support in KC)

KC Wheat 🌾

Unlike Chicago, we took out this recent support we had been holding (green line).

Next support is $5.60

So Chicago & KC charts are giving mixed feelings. Chicago is holding support. KC broke support. One will be right.. the other will be a headfake.

Past Sell or Protection Signals

We recently incorporated these. Here are our past signals.

Oct 2nd: 🌾 

Wheat sell signal at $6.12 target

CLICK HERE TO VIEW
 

Sep 30th: 🌽 

Corn protection signal at $4.23-26

CLICK HERE TO VIEW
 

Sep 27th: 🌱 

Soybean sell & protection signal at $10.65

CLICK HERE TO VIEW
 

Sep 13th: 🌾 

Wheat sell signal at $5.98

CLICK HERE TO VIEW
 

May 22nd: 🌾 

Wheat sell signal when wheat traded +$7.00

CLICK HERE TO VIEW

Want to Talk?

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(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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