BEANS & WHEAT HAMMERED

Written By Sebastian Frost

AUDIO COMMENTARY

  • Wheat hammered on Russia news

  • China talking about not taking beans

  • Wheat breaks uptrend (chart below)*

  • Corn fails follow through on key reversal

  • Bean spreads gave back

  • Basis has popped some areas

  • Spreads are a lot different than year ago

  • Unknown exports off the charts

  • Are the buyers under bought?

  • Trump & China is house of cards

  • Different strategies

  • If you’re in an area with a huge carry vs in an area where basis has firmed

  • What to watch for in basis post harvest

  • Still plenty of unknowns

Listen to today’s audio below

CHARTS

Corn 🌽

We failed to follow up yesterdays bullish key reversal, so that was disappointing.

But the chart isn’t broken. We do however desperately need to hold $4.00. If we do not.. there is very little support beneath us and it opens the door to test those old lows.

On the flip side, a break above $4.13 likely means we are going higher.

$4.00 and $4.13 are the levels to watch.

Beans 🌱

Chart still looks awful.

Honestly from a technical standpoint it does look like we might make new lows.

We have support at that $9.61 area which is our old lows as well as the resistance from the trade war.

Bulls need to crawl back above $10.00 to have some hope we are done going down.

Wheat 🌾

Very bad day today. We broke that channel support. (blue line).

We also broke that key $5.80 support (pink line)

So not ideal, but the chart is still not broken and still looks better than both corn and beans.

Next support is $5.65. That is a big area of support we want to hold to keep the momentum higher.

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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Interested in a hedge account? Use the link below to set up an account or shoot Jeremey a call at (605)295-3100.

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Sebastian Frost
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