GRAINS SHOW SIGNS OF REVERSALS
AUDIO COMMENTARY
Some heat stress shows in crop conditions
All markets well off the lows, showing signs of reversals
With funds and weather, one would expect a pop
Seeing some politics & weather dominating markets
Mini black swan with EPA deal
Beans +21 cents off the lows
Targets for soybeans & corn
If you’ve sold wheat
Need more export sales
When to and when NOT to use basis contracts. Correct & incorrect ways. Corn, beans, & wheat
Today left us a mini buy signal
For those that reward the rally last week
Charts below*
Listen to today’s audio below
CHARTS
Corn
As I have been saying for a few weeks, we have not confined a bottom until we take out $4.26.
The must hold level is still $4.03
Until $4.03 or $4.26 is broke, we are range bound.
Beans
Despite getting hammered Friday, today was one of the strongest reversal type candles in a long time. +21 cents off the lows. We made new lows but didn’t post a new low close. We will still need to see follow through however.
Friday we rejected right off that May downtrend.
The level to break to confirm a bottom is still $10.97
Chicago Wheat
We made new lows but bounced nicely back into the bottom of our recent range. Optimistic price action.
I still need to see at least $5.67 before I think about calling a bottom.
KC Wheat
Same story as Chicago. $6.00 is the level to watch.
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