BEANS BREAK $13. IS CORN NEXT?
AUDIO COMMENTARY
Solid close around the board
Basis is firming up in a hurry. Indicates demand is solid
Keeping basis opportunities open
Becoming a price maker and taking advantage of basis
What’s the upside for beans?
SA weather supportive & demand’s not slowing down
Targets and levels for corn, beans, & wheat
Will bean production trend continue smaller
What the sunflower market is showing
Listen to today’s audio below
CHARTS
Corn 🌽
Back above $4.90 is a good sign. Bulls want a break above $5 which would open up the charts and spark some more upside.
Targets are the psychological $5, then our retracements of $5.30 and $5.49 1/2.
Beans 🌱
Closed above $13 for the first time since Sep. 28th. Settling right at that 38% retracement from the late August to early September sell off.
Officially broke that downtrend.
Now +60 cents off those lows.
Next target is our 50% retracement of $13.30.
Don’t see much reason why we couldn’t go higher from here.
Chicago 🌾
A break above $6 and we likely see more short covering.
$5.70 level is pretty important, which bulls would like to hold.
Still +40 cents off our lows. Seasonals point higher.
