CORN ABOVE 200-DAY MA. ARGY DRY. BEANS +44 CENTS OFF LOWS

AUDIO COMMENTARY & CHART VIDEO

  • Corn posts new highs. Highest since June

  • Corn breaking out. Next targets in video below*

  • Big picture corn target. $5.00? (video & charts below)*

  • First time above 200-day since Oct 2023

  • Above 200-day could lead to more buying

  • Fundamentally corn still solid

  • Argentina dryness was the headline today

  • January USDA report will be the major one

  • Locking in floors +50 cents off the lows in corn makes a lot of sense for many operations

  • If you need to move something next few months be proactive. Spread some sales out or grab floors

  • Great price action in beans +44 cents off lows

  • Beans gave another opportunity to get protection

  • If you got bean protection at the bottom, do you make sales now, do you spend more money to protect?

  • Full chart video breakdown below*

Listen to todayโ€™s audio below

Want to talk? (605)295-3100

VIDEO CHART UPDATE

In this video we go over the breakout in corn. Short-medium term corn target & long term corn target. Interesting spot in soybeans. Wheat stuck in no mans land waiting for direction.

For those that do not want to watch the video, I attached images below the video.

CHARTS

March Corn ๐ŸŒฝ

First time closing above the 200-day MA since Oct 2023. Big win for the bulls. When price is above the 200-day MA it means the longer term trend is turning more bullish.

My next target is the 161.8% fib extension of the recent rally from $4.25 to $4.51 which brings us to $4.67

We broke out of this ascending triangle. Looks really good (look at next chart)

Big Picture Corn Target ๐ŸŽฏ ๐ŸŒฝ

The implied upside objective for this ascending triangle is nearly $5.00

How you calculate that is by taking the top to the bottom of the triangle, and adding the difference to the point of breakout.

In this case it was a 48 cent range. So we add +48 cents to the breakout point of $4.51

This is a longer term target. Would align nicely with that seasonal spring to early summer rally we typically see.

Jan Beans ๐ŸŒฑ

Interesting spot. +44 cents off the lows.

We reclaimed that support. Now trying to bust that downward trend from May.

A bust above would look good, but canโ€™t rule out a bull trap if it happens.

The risk still remains lower for soybeans based on the fundamentals.

But from a technical standpoint, if we bust that downtrend things will look a lot better.

Still have to be cautious there is a still $1.00 risk here. I doubt we go as low as the $8.63 implied move, but you have to be aware $9.00 is definitely a risk.

March Beans ๐ŸŒฑ

March beans have a longer way to go before testing that May downtrend, which is why I am not ruling out a bull trap if the Jan beans break it.

If March beans break the downtrend, things will look optimistic.

Continuous Wheat ๐ŸŒพ

Stuck in no mans land.

Support levels are listed on the chart.

Need to break that green downtrend from May to suggest a possible bottom.

KC Wheat ๐ŸŒพ

Same thing applies for KC.

But KC is flirting with that downtrend.

A leg up here would look optimistic.


Past Sell or Protection Signals

We recently incorporated these. Here are our past signals.

Dec 11th: ๐ŸŒฝ

Corn sell signal at $4.51 200-day MA

CLICK HERE TO VIEW

Oct 2nd: ๐ŸŒพ 

Wheat sell signal at $6.12 target

CLICK HERE TO VIEW
 

Sep 30th: ๐ŸŒฝ 

Corn protection signal at $4.23-26

CLICK HERE TO VIEW
 

Sep 27th: ๐ŸŒฑ 

Soybean sell & protection signal at $10.65

CLICK HERE TO VIEW
 

Sep 13th: ๐ŸŒพ 

Wheat sell signal at $5.98

CLICK HERE TO VIEW
 

May 22nd: ๐ŸŒพ 

Wheat sell signal when wheat traded +$7.00

CLICK HERE TO VIEW


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


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

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Check Out Past Updates

12/20/24

PERFECT BOUNCE IN CORN. SIMPLE BEAN BACKTEST BEFORE LOWER?

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12/19/24

THE SOYBEAN PROBLEM. NEW WHEAT LOWS. CORN UPTREND

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12/18/24

BEANS BREAK SUPPORT & OPEN FLOOD GATES

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12/17/24

SINK OR SWIM TIME FOR SOYBEANS

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12/16/24

SOYBEANS & WHEAT FIGHTING LOWS. WILL CORN DEMAND CONTINUE

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12/13/24

POST USDA COOL OFF

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12/12/24

CORN CORRECTION. WHY WE ALERTED SELL SIGNAL YESTERDAY

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12/11/24

USDA PRICED IN? FAIR VALUE OF CORN? BEAN BREAKOUT?

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12/11/24

CORN SELL SIGNAL

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12/10/24

USDA BREAKDOWN

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12/9/24

USDA TOMORROW

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12/6/24

CORN TRYING TO BREAKOUT. MAKING MARKETING DECISIONS

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12/5/24

OPTIMISTIC BOUNCE IN GRAINS

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12/4/24

WHEAT UNDERVALUED? MOST RISK IN BEANS. HAVE A GAME PLAN

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12/3/24

BEANS HOLDING DESPITE LACK OF BULLISH STORY

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12/2/24

TRUMP & BRAZIL HURDLES

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11/27/24

CORN SPREADS, CRUCIAL SPOT FOR BEANS, SEASONALITY SAYS BUY

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11/26/24

TARIFF TALK PRESSURE

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11/25/24

HOLIDAY TRADE, SEASONALS, TARGETS & DOWNSIDE RISKS

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11/22/24

CORN TARGETS & CHINA CONCERNS

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11/21/24

BEANS NEAR LOWS. CORN NEAR HIGHS. 2025 SALE THOUGHTS

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11/19/24

WHATโ€™S NEXT FOR GRAINS

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11/18/24

WHEAT LEADS THE GRAINS REBOUND

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11/15/24

BIG BOUNCE, FUNDS LONG CORN, DOLLAR & DEMAND

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11/14/24

3RD DAY OF GRAINS FALL OUT

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11/13/24

GRAINS CONTINUE WEAKNESS & DOLLAR CONTINUES RALLY

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 11/12/24

ANOTHER POOR PERFORMANCE IN GRAINS

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11/11/24

POOR ACTION IN GRAINS POST FRIENDLY USDA

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11/8/24

USDA FRIENDLY BUT GRAINS WELL OFF HIGHS

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11/6/24

GRAINS STORM BACK POST TRADE WAR FEAR

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11/5/24

ALL ABOUT THE ELECTION & VIDEO CHART UDPATE

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11/4/24

ELECTION TOMORROW

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11/1/24

GRAINS WAITING ON NEWS

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10/31/24

ELECTION & USDA NEXT WEEK

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10/30/24

SEASONALS, CORN DEMAND, BRAZIL REAL & MORE

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10/29/24

WHATโ€™S NEXT AFTER HARVEST?

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10/25/24

POOR PRICE ACTION & SPREADS WEAKEN

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10/24/24

BIG BUYERS WANT CORN?

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10/23/24

6TH STRAIGHT DAY OF CORN SALES

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10/22/24

STRONG DEMAND & TECHNICAL BUYING FOR GRAINS

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10/21/24

SPREADS, BASIS CONTRACTS, STRONG CORN, BIG SALES

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10/18/24

BEANS & WHEAT HAMMERED

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10/17/24

OPTIMISTIC PRICE ACTION IN GRAINS

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10/16/24

BEANS CONTINUE DOWNFALL. CORN & WHEAT FIND SUPPORT

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10/15/24

MORE PAIN FOR GRAINS

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10/14/24

GRAINS SMACKED. BEANS BREAK $10.00

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10/10/24

USDA TOMORROW

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10/9/24

MARKETING STYLES, USDA RISK, & FEED NEEDS

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10/8/24

BEANS FALL APART

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10/7/24

FLOORS, RISKS, & POTENTIAL UPSIDE

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10/4/24

HEDGE PRESSURE

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10/3/24

GRAINS TAKE A STEP BACK

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10/2/24

CORN & WHEAT CONTINUE RUN

Read More

 

10/1/24

CORN & WHEAT POST MULTI-MONTH HIGHS

Read More

 

9/30/24

BULLISH USDA FOR CORN: RECOMMENDATION


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STILL LONG TERM UPSIDE POTENTIAL, BUT TAKE ADVANTAGE OF 6 MONTH CORN HIGH

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CORN & BEANS TALE OF 2 STORIES. BEANS REJECT OLD SUPPORT