GRAINS GET HEALTHY CORRECTION. GETTING READY TO PROTECT DOWNSIDE
AUDIO COMMENTARY
Grains run into some resistance
Not horrible closes, well off the lows
Looks like healthy correction today
Charts below*
Exports have been solid
Charts still look great
Most see top end of yield coming off
Brazil looks dry for a few weeks
Close to some wheat sales
Will be looking at downside protection soon
Downside protection especially good idea if you have to sell off the combine
Finger on the trigger for floors before USDA
Still going to be a lot of supply hitting the market
Charts look best in months, trends changing
Could see pressure at harvest
Window for those that need to make sales here are next 3-6 weeks
I do still think we can go higher from here
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CHARTS
Dec Corn 🌽
Just like I mentioned yesterday, we are seeing some resistance at this long term downtrend line.
Once we break above this, we do have that long term support line turned to resistance that will be another very important level to clear. (pink line)
After that our next stop is $4.23. Which is the level I want to see the very confidently call the low.
But looking like we can go higher from here.
Just like when we get a green day in a downtrend, one day is not a trend. Corrections are healthy in an uptrend.
Ideally, I want to see us hold $4.03. If we broke below that I’d get a tad nervous about us going down near the lows.
Nov Beans 🌱
Beans higher past 8/9 days.
We rallied well off our lows, finding resistance right at those highs from two days ago.
We are above our early August lows, great sign.
We have some pretty good resistance between here and $10.31 (our mid July lows) so just like corn I wouldn’t be too surprised to see us run into some resistance here and take a break.
We have now formed a short term uptrend. Very solid chart.
Still want to see us close above $10.42 to call the low. But looking very good so far, and looking like we can go higher.
Ideally, I want to see us hold $10.00.
Dec Chicago Wheat 🌾
We found resistance right at that key $5.80 level I had been mentioning for weeks.
Still have targets of $6.12 and then $6.40 once we break out of this green box.
But I do still need us to break out of this green box to be confident we printed our lows.
Dec KC Wheat 🌾
First target is $6.16
Second target is $6.50 area.
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Check Out Past Updates
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
CROP TOUR SHOWS MASSIVE BEAN YIELD
8/22/24
UGLY DAY FOR WHEAT & BEANS, STILL RISK, CROP TOURS, CAPTURING CARRY
8/21/24
CROP TOUR DAY 3. NOT HUGE MOVEMENT
8/20/24
CROP TOUR SO FAR & COMPARISON TO USDA
8/19/24
CROP TOUR BOUNCE
8/16/24
RISK REMAINS LOWER. MANAGE YOUR RISK
8/15/24
DEMAND, BIG US CROPS & BRAZIL DROUGHT
8/14/24
DEAD CAT BOUNCE
8/13/24
POST USDA SELL OFF
8/12/24
USDA REPORT: BEARISH BEANS. SMALLER CORN CARRYOUT & RECORD YIELDS
8/9/24
USDA REPORT MONDAY
8/7/24