USDA THURSDAY
AUDIO COMMENTARY
USDA report Thursday
Interest ratings coming down helps grains
Lower rates adds staying power & helps funds want to buy
Soybean chart takes a little bit of a hit
Corn & wheat charts remain in tact
Charts below*
Listen to today’s audio below
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CHARTS
Corn 🌽
We continue to reject off that long term downtrend
Once we break through, this chart opens up
Currently holding $4.03. If we break below, we could get a leg lower. As we would also break below this short term uptrend we created.
That pink line is still a huge area I want to break above to be confident we are going higher (look at second pic).
We did not make a higher high above July’s $4.23 highs. So I cannot be certain the bottom is in. As has been the case for weeks, that is another level I want to clear to say the bottom is in for sure.
Beans 🌱
Beans below $10.00 support. Not a great look. We also broke below that short term uptrend we had going.
Does potentially open the door to make another leg lower.
My next support level is $9.84
As has been the case for a few weeks now, we still need to make a higher high above $10.42 to say the bottom is in for certain.
Chicago Wheat 🌾
Not much to update here, the chart still looks decent.
$5.80 is still the key level to break above.
After that I have targets of $6.12 & $6.40
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Check Out Past Updates
9/9/24
LOWS ARE IN UNLESS SOMETHING FUNDAMENTALLY CHANGES?
9/6/24
GRAINS WEAK. OUTSIDE DOWN DAY ON CHARTS
9/5/24
GRAINS GET HEALTHY CORRECTION. GETTING READY TO PROTECT DOWNSIDE
9/4/24
GRAINS CONTINUE RUN. WAYS TO PLAY THE MARKET. WHAT’S YOUR SITUATION?
9/3/24
GRAINS CONTINUE BREAK OUT FROM LOWS
8/30/24
ANOTHER STRONG DAY. GETTING MORE CONFIDENT BUT NO CONFIRMATION
8/29/24
CHANCE FOR A BOTTOM, BUT STILL CAUTIOUS. DIFFERENT MARKETING APPROACHES
8/28/24
WHEAT FOLLOW THROUGH WHILE CORN & BEANS GIVE BACK
8/27/24
DECENT PRICE ACTION. BASIS CONTRACTS. ROLLING VS FUTURES. NOT FALLING FOR BIG AG TRAP
8/26/24
FIRST NOTICE DAY PRESSURE & CROP TOUR RECAP
8/23/24
CROP TOUR SHOWS MASSIVE BEAN YIELD
8/22/24
UGLY DAY FOR WHEAT & BEANS, STILL RISK, CROP TOURS, CAPTURING CARRY
8/21/24
CROP TOUR DAY 3. NOT HUGE MOVEMENT
8/20/24
CROP TOUR SO FAR & COMPARISON TO USDA
8/19/24
CROP TOUR BOUNCE
8/16/24
RISK REMAINS LOWER. MANAGE YOUR RISK
8/15/24
DEMAND, BIG US CROPS & BRAZIL DROUGHT
8/14/24
DEAD CAT BOUNCE
8/13/24
POST USDA SELL OFF
8/12/24