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 todayโs audio below
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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 ๐ฝ
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 ๐ฏ ๐ฝ
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 ๐ฑ
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 canโt 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 ๐ฑ
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 ๐พ
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 ๐พ
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: ๐ฝ
Corn sell signal at $4.51 200-day MA
CLICK HERE TO VIEW
Oct 2nd: ๐พ
Wheat sell signal at $6.12 target
Sep 30th: ๐ฝ
Corn protection signal at $4.23-26
Sep 27th: ๐ฑ
Soybean sell & protection signal at $10.65
Sep 13th: ๐พ
Wheat sell signal at $5.98
May 22nd: ๐พ
Wheat sell signal when wheat traded +$7.00
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Check Out Past Updates
12/20/24
PERFECT BOUNCE IN CORN. SIMPLE BEAN BACKTEST BEFORE LOWER?
12/19/24
THE SOYBEAN PROBLEM. NEW WHEAT LOWS. CORN UPTREND
12/18/24
BEANS BREAK SUPPORT & OPEN FLOOD GATES
12/17/24
SINK OR SWIM TIME FOR SOYBEANS
12/16/24
SOYBEANS & WHEAT FIGHTING LOWS. WILL CORN DEMAND CONTINUE
12/13/24
POST USDA COOL OFF
12/12/24
CORN CORRECTION. WHY WE ALERTED SELL SIGNAL YESTERDAY
12/11/24
USDA PRICED IN? FAIR VALUE OF CORN? BEAN BREAKOUT?
12/11/24
CORN SELL SIGNAL
12/10/24
USDA BREAKDOWN
12/9/24
USDA TOMORROW
12/6/24
CORN TRYING TO BREAKOUT. MAKING MARKETING DECISIONS
12/5/24
OPTIMISTIC BOUNCE IN GRAINS
12/4/24
WHEAT UNDERVALUED? MOST RISK IN BEANS. HAVE A GAME PLAN
12/3/24
BEANS HOLDING DESPITE LACK OF BULLISH STORY
12/2/24
TRUMP & BRAZIL HURDLES
11/27/24
CORN SPREADS, CRUCIAL SPOT FOR BEANS, SEASONALITY SAYS BUY
11/26/24
TARIFF TALK PRESSURE
11/25/24
HOLIDAY TRADE, SEASONALS, TARGETS & DOWNSIDE RISKS
11/22/24
CORN TARGETS & CHINA CONCERNS
11/21/24
BEANS NEAR LOWS. CORN NEAR HIGHS. 2025 SALE THOUGHTS
11/19/24
WHATโS NEXT FOR GRAINS
11/18/24
WHEAT LEADS THE GRAINS REBOUND
11/15/24
BIG BOUNCE, FUNDS LONG CORN, DOLLAR & DEMAND
11/14/24
3RD DAY OF GRAINS FALL OUT
11/13/24
GRAINS CONTINUE WEAKNESS & DOLLAR CONTINUES RALLY
11/12/24
ANOTHER POOR PERFORMANCE IN GRAINS
11/11/24
POOR ACTION IN GRAINS POST FRIENDLY USDA
11/8/24
USDA FRIENDLY BUT GRAINS WELL OFF HIGHS
11/6/24
GRAINS STORM BACK POST TRADE WAR FEAR
11/5/24
ALL ABOUT THE ELECTION & VIDEO CHART UDPATE
11/4/24
ELECTION TOMORROW
11/1/24
GRAINS WAITING ON NEWS
10/31/24
ELECTION & USDA NEXT WEEK
10/30/24
SEASONALS, CORN DEMAND, BRAZIL REAL & MORE
10/29/24
WHATโS NEXT AFTER HARVEST?
10/25/24
POOR PRICE ACTION & SPREADS WEAKEN
10/24/24
BIG BUYERS WANT CORN?
10/23/24
6TH STRAIGHT DAY OF CORN SALES
10/22/24
STRONG DEMAND & TECHNICAL BUYING FOR GRAINS
10/21/24
SPREADS, BASIS CONTRACTS, STRONG CORN, BIG SALES
10/18/24
BEANS & WHEAT HAMMERED
10/17/24
OPTIMISTIC PRICE ACTION IN GRAINS
10/16/24
BEANS CONTINUE DOWNFALL. CORN & WHEAT FIND SUPPORT
10/15/24
MORE PAIN FOR GRAINS
10/14/24
GRAINS SMACKED. BEANS BREAK $10.00
10/10/24
USDA TOMORROW
10/9/24
MARKETING STYLES, USDA RISK, & FEED NEEDS
10/8/24
BEANS FALL APART
10/7/24
FLOORS, RISKS, & POTENTIAL UPSIDE
10/4/24
HEDGE PRESSURE
10/3/24
GRAINS TAKE A STEP BACK
10/2/24
CORN & WHEAT CONTINUE RUN
10/1/24
CORN & WHEAT POST MULTI-MONTH HIGHS
9/30/24