GRAINS WAITING ON NEWS

Written By Sebastian Frost

AUDIO COMMENTARY

  • Poor closes especially in beans

  • Saw a ton of sales today

  • Talk that buyers front running

  • Markets simply waiting for new news

  • No short term bull stories

  • Stuck in ranges

  • Most known factors are priced in

  • Outlook for corn is strong demand

  • Outlook for beans is bearish globally

  • Why I think wheat has “potential”

  • Not a fan of commercial storage

  • Ways to spread out your risk

  • No story for funds to get long here soon

  • Possible routes instead of paying storage

  • High input costs lead to less acres?

  • Remaining overall patient with stuff in bins

  • Using the right tools if you are selling

  • Chart breakdowns below*

  • “Potential” H&S in beans below*

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CHARTS

Dec Corn 🌽

First the 4 hour chart.

Looks pretty good here so far. We are reacting to that green box (50%-61.8% retracement levels). So would be a good spot to bounce if we were going to.

Other than that, $4.00 is a must hold still.

If we break that dark blue downtrend, I like our chances of seeing more upside.

Here is the daily chart.

Jan Beans 🌱

We do have a “potential” head & shoulders pattern on the 4 hour chart.

Again this does not have to happen. But the implied move would take us to $9.40 IF the neckline at $9.76 does not hold.

So right now the levels to watch are $9.76 (must hold)

And $10.14. If we close above there it negates this potential head & shoulders and would look friendly.

Here is the daily chart.

You cannot see the H&S pattern on the daily.

But you can see how crucial it is that we hold $9.76 and break above $10.14

Dec Chicago Wheat 🌾

Here is the 4 hour chart.

Still have a “potential” bull flag.

We need to bust above that dark blue downtrend if we want more upside.

Looking to the downside, we need to hold $5.57.. if not there is little support beneath. So we would likely get another leg lower.

$5.57 is also the 61.8% retracement level, which is the most common level to retrace to before bouncing. So far have gotten a little reaction to it. But need to hold. This would be a good spot to bounce if we were going to do so.

Here is the daily chart.

Dec KC Wheat 🌾

Here is the 4 hour chart.

Pretty much the same set up as Chicago.

$5.61 is a MUST HOLD.

If we break below we likely see another leg lower.

Here is the daily chart.

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?

Our phones are open 24/7 for you guys if you ever need anything or want to discuss your operation.

(605) 295-3100

sfrost@dailymarketminute.com

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Sebastian Frost
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