AUDIO COMMENTARY

Report Monday looking for yield increases
Everyone looking for 182-183 corn yield
Looking for bean yield up +1
Opposite action of 2012?
Could we print our biggest numbers Monday?
How much is priced in?
We could definitely see $3.20 Sep corn. That’s a real risk
Reality is we can get cheaper with bad report
Mondays report is HUGE
Tremendous downside & upside in report
Most see lower acres & higher yields
No one expects lower yield
At the bottom range of support
Soybeans need China to buy
If have to move stuff off the combine
Sitting right at support (Charts below)*

Listen to today’s audio below

Charts

Dec Corn 🌽

As I have been mentioning for weeks, if we cannot hold this $4.00 level our next stop is very likely going to be $3.80.

Right now we are sitting right at $4.00

So far we have found good support each time we fall under $4.00. Will have to see if it can continue. If this level fails $3.80 is the implied downside target.

So if your risk is lower, protect it if this level breaks.

Nov Soybeans 🌱

Similar to corn, we are sitting right at support at $10.18.

If this level fails we will likely see us at least test the $10.00 psychological support.

As I have been mentioning for weeks, our big picture downside risk is $9.61. As that was our trade war resistance.

Sep Chicago Wheat 🌾

Wheat chart looks friendlier than corn & beans right now.

Before today, we posted 5 days of higher highs.

We are still stuck in this 30 cent range between $5.24 and $5.53.

Once we break out of this range it will look really good.

However, to be confident we have found a low I still need to preferably see $5.67.

Upside targets after that are $6.00 and our 50% retracement from the Russia rally which is $6.25

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8/6/24

HUGE USDA REPORT MONDAY

AUDIO COMMENTARY

Charts

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Check Out Past Updates

USDA REPORT MONDAY

WHEAT UNDERVALUED? CORN YIELD? WHAT TO DO WITH GRAIN OFF COMBINE