CORN & WHEAT CONTINUE RUN

Written By Sebastian Frost

AUDIO COMMENTARY

  • Corn & wheat continue run

  • Wheat highest since Russia scare

  • Huge ranges today

  • If you missed previous wheat signal

  • Are the wars driving the market?

  • Chinese stimulus & funds main factors

  • Funds in the red since July

  • October insurance rally & seasonals

  • Protecting bushels you have to sell

  • If you haven’t protected

  • Bushels off combine vs storing

  • First wheat target met

  • Targets for the grains

  • Should you diversify more than normal?

  • What to do if you don’t know what to do

  • A lot of reasons we could be a lot higher or lower

  • If you’re uncomfortable lock in a floor

  • If you’re behind on sales lock in a floor

  • Corn, beans, wheat, KC wheat chart & targets below*

Listen to today’s audio below

CHARTS & TARGETS

Corn 🌽

We broke that huge $4.23-26 resistance area. We broke that major pink line I talked about for months.

We do have potential resistance at the top of this channel.

However, I do think we can move higher. Due to the heavy sell off in June, we do not have much resistance up until those Feb lows of $4.46

Targets:

$4.41 to $4.46 (green box)

$4.41 is our 50% retracment to the May highs. $4.46 is the Feb lows.

Target after that is $4.60 based off a variety of reasons such as it being old support, we have a volume gap, & it’s our 5 year seasonal fall high. Look at yesterday’s market update for further breakdown on why: CLICK HERE

Beans 🌱

Running into this resistance zone between $10.65-80.

Almost feels like we want to go higher, but the dip keeps being bought back up.

Current support is this $10.40 area, then $10.31

If we can bust through higher above this green box, the next target is $10.97 (purple line)

Wheat 🌾

We reached my first target of $6.12 that I have had for a few months now.

Sitting right at those July highs.

A close above $6.17 could bring us to my second target of $6.40 (50% retracement to May highs)

KC Wheat 🌾

Similar story to Chicago wheat.

We reached that first target, sitting at potential resistance at those July highs.

A break above could bring us $6.50

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

Hedge Account

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

LEARN MORE

Sebastian Frost
Previous

GRAINS TAKE A STEP BACK
Next

CORN & WHEAT POST MULTI-MONTH HIGHS