HIGHEST CLOSES SINCE JULY. UPSIDE & SALES CONSIDERATION
AUDIO COMMENTARY
Grains strong. Solid price action
We started off low then reversed higher
Highest corn close since July
Corn sitting at huge resistance (chart below)*
All technical charts below*
There could be a lot more short covering
Yield reports all over the board
Could see another 20-40 cents upside in corn
China drops interest rates, could lead to them buying
$11 beans is very possible
Don’t sell nearby if making sales. Use the carry
What is the Brazil situation?
Bean carryout situation “could” indicate $8 beans next year if everything plays out the way the USDA sees US & Brazil
Spreading out risk to be comfortable
Does your situation say you should be making a sale?
Things to do if have to move off the combine
Listen to today’s audio below
CHARTS
Corn 🌽
We are pushing right up against that biggest trend line I have been talking about for a few months now. Will have to see if this time we can finally bust through, or if we will once again reject lower.
A break above would be a huge win.
Here is a closer look.
I still think our next stop is $4.23-26
That was our July highs and is also the implied breakout move from the bull flag.
Today we broke that pretty significant $4.13 resistance.
Beans 🌱
We finally made our first higher high since May.
My targets where you might want to be considering scaling into a few sales is that green box.
$10.65 to $10.80. That area might see some resistance.
Wheat 🌾
I am still cautious of the potential head & shoulders pattern (bearish pattern). But if we get a slight push higher here, it will invalidate this formation and simply look like a continuation higher.
So personally I am leaning towards us crawling a little higher but just want to be aware. IF the H&S played out, the implied move would be $5.30.
My first target is $6.12 and my second is $6.40. In my opinion I think we will get a chance at +$6 wheat.
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Check Out Past Updates
9/24/24
GREAT START TO THE DAY, AWFUL FINISH
9/23/24
MASSIVE DAY FOR THE GRAINS
9/22/24
EARLY YIELD TALK, DROUGHT, BRAZIL, SEASONAL LOWS & MORE
9/19/24
GRAINS SEE TECHNICAL SELLING
9/18/24
FED DROPS RATES, BRAZIL STORY, 2025 SALES?
9/17/24
TARGETS & WHAT TO DO IF YOU BOUGHT PROTECTION
9/16/24
WAS TODAY HEALTHY CORRECTION BEFORE GRAIN RALLY RESUMES?
9/13/24
CORN & WHEAT BREAK OUT: EVERYTHING YOU NEED TO KNOW
9/12/24
USDA RAISES YIELD BUT REPORT WASN’T ALL THAT BEARISH
9/11/24
USDA TOMORROW. MAKE OR BREAK SPOT ON CHARTS
9/10/24
USDA THURSDAY
9/9/24
LOWS ARE IN UNLESS SOMETHING FUNDAMENTALLY CHANGES?
9/6/24
GRAINS WEAK. OUTSIDE DOWN DAY ON CHARTS
9/5/24
GRAINS GET HEALTHY CORRECTION. GETTING READY TO PROTECT DOWNSIDE
9/4/24
GRAINS CONTINUE RUN. WAYS TO PLAY THE MARKET. WHAT’S YOUR SITUATION?
9/3/24
GRAINS CONTINUE BREAK OUT FROM LOWS
8/30/24
ANOTHER STRONG DAY. GETTING MORE CONFIDENT BUT NO CONFIRMATION
8/29/24
CHANCE FOR A BOTTOM, BUT STILL CAUTIOUS. DIFFERENT MARKETING APPROACHES
8/28/24
WHEAT FOLLOW THROUGH WHILE CORN & BEANS GIVE BACK
8/27/24
DECENT PRICE ACTION. BASIS CONTRACTS. ROLLING VS FUTURES. NOT FALLING FOR BIG AG TRAP
8/26/24
FIRST NOTICE DAY PRESSURE & CROP TOUR RECAP
8/23/24