6TH STRAIGHT DAY OF CORN SALES
AUDIO COMMENTARY
More export sales. 6 days straight of corn
Decent price action despite early struggle
Demand remains very strong
Who should protect recent corn rally
Feels like corn could go higher from here
Corn chart looks very solid (chart below)*
Buy signals for some?
Strategies instead of basis contracts/DP
Spreads weren’t as firm today
Spreads say more demand vs supply
Roll basis contracts with firmer spreads
Be comfortable with risks in soybeans
Brazil crop & trade war are real risks
Wheat continues to leave dojis on chart
If you made wheat sales recently
Listen to today’s audio below
Want to talk? (605)295-3100
CHARTS
Corn 🌽
Corn chart looks very strong. We took out $4.13. That was my first level I needed to say “okay we might be done going down”.
Seasonally, we get one bottom in early fall (Aug-Sep) then another bottom after harvest is almost complete & harvest pressure eases. We very well might’ve gotten that.
We are pushing up against that channel resistance that was once support (bottom black line).
This $4.19 level is also resistance. If we can bust through here, I do not see why we could not test those highs.
$4.00 is still a must hold.
(Below is close up & big picture view)
Beans 🌱
Bean chart doesn’t look as friendly as corn. However we have got some nice action.
I still need to see us close above $10.00 to say “okay maybe we are done going down”.
Wheat 🌾
Wheat chart looks “okay”.
We are finding resistance at the bottom of this channel and the $5.80 level.
We have found support twice at $5.65 the past two days. I would really like to see us hold that. If that level fails, there is little support below.
I can’t really say it looks like we are done going down until we break Friday’s high of $5.95 1/2.
(Below is close up & big picture view)
Past Sell or Protection Signals
We recently incorporated these. Here are our past signals.
Oct 2nd: 🌾
Wheat sell signal at $6.12 target
Sep 30th: 🌽
Corn protection signal at $4.23-26
Sep 27th: 🌱
Soybean sell & protection signal at $10.65
Sep 13th: 🌾
Wheat sell signal at $5.98
May 22nd: 🌾
Wheat sell signal when wheat traded +$7.00
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Check Out Past Updates
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
BULLISH USDA FOR CORN: RECOMMENDATION
9/27/24
UP-TOBER? SELL SIGNAL, TARGETS, & FACTORS
9/27/24
BEAN SELL SIGNAL
9/26/24
NEW HIGHS BUT CONCERNING CLOSE
9/25/24