DO WE HAVE ENOUGH GRAIN / CHINESE DEMAND
Where are the lows for all the grains
What to watch going forward
What is going to drive our markets
Risk management
Is the stage set to catch bears off guard the next 2 months
What’s happening with gold
Banking crisis
Listen to today’s audio below
CHARTS
Corn 🌽
May corn is +28 cents off our lows from last Friday. Looking to test resistance at the $6.37 level. Bulls would like to see a close above the $6.37 and $6.40 range to justify a rally up to our 200-day moving average into the $6.60 area.
Beans 🌱
May beans have broke our long term uptrend and have now created a short term downtrend. We also broke our 100-day moving average. Bulls would like to stay above our 200-day moving average which is currently at $14.63.
Meal 🐮
Similar to beans, meal broke our uptrend from November, looking to test support right where we closed at the 4.66 level.
Chicago Wheat 🌾
Wheat continues its run, now nearly +50 cents off our lows just a week ago. I would like to see a close above $7.13 and our 20-day EMA to open the door to higher prices.
Crude Oil WTI 🛢
Crude continues its downfall, I wouldn’t be surprised to see us make another leg lower towards the $62 range or perhaps even lower into the $57 range before finding support. Check out yesterday’s market update for what another commodity technical analyst had to say about where he thinks the bottom is.
