WHEAT CONTINUES BULL RUN & CORN FAILS BREAK OUT
AUDIO COMMENTARY
Wheat continues it’s rally. Up +60 in 4 days
Corn fails to breakout of USDA day highs
The wheat charts look strong
Should you be selling wheat?
Delayed planting?
Why this market could top out later than usual
Tremendous upside if yield falls
Charts below*
Listen to today’s audio below
CHARTS
Corn
We perfectly failed to bust out of this range at $4.54. If and when we break through that area, I expect more covering to drive us higher.
Like I mentioned yesterday, today’s price action shouldn’t have surprised you. We have May basis contracts needing to be priced and options expiration. That often leads to lower prices short term. Once we get that out of the way and get into a weather market, we have upside especially with the funds as short as they are.
Beans
We found resistance right at that November downward trendline. We popped above the 50-day moving average but failed to close above it.
Chicago Wheat
We took out some major key resistance. Like I had been saying for weeks, if we could break above that green line it should cause more upside.
We don’t really have any resistance now until the 200-day moving average at $6.28
However, we are overbought so don’t be surprised to see a small correction. Markets where we go straight up are not healthy and corrections are needed.
Overall from a technical standpoint, the chart looks great.
KC Wheat
Same thing as for Chicago. Took out key resistance and look great. The next big resistance might be the the 200-day MA at $6.62
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