USDA THURSDAY

Written By Sebastian Frost

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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Sebastian Frost
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