NEW HIGHS BUT CONCERNING CLOSE
AUDIO COMMENTARY
Grains make new highs but fail & reverse
Chinese stimulus news overnight
Should you reward the rally?
Bean chart looks slightly concerning today but nothing major
Strategies to protect you
Argument to be made that beans could be $1 higher or lower
2/3 days that look somewhat like reversals
If you are selling take advantage of carry
When to utilize puts
China economy situation could be really friendly
Driest Aug-Sep doesn’t scream record yields
Market thinks there is plenty of grain, hence the carry
How to keep the upside open
Selling options vs buying options
Big USDA report on Monday
Detailed corn chart breakdown below*
Technical chart breakdowns below*
Listen to today’s audio below
CHARTS
Dec Corn 🌽
We continue to reject off that pink line (scroll to see significance of that line)
That green box is still my current first target $4.23-26. That was our July highs and the implied move of the bull flag.
This is how important this line is.
Old support turned new resistance.
We have rejected off this line several times.
Here is a closer look.
Looking at a little longer term target, if we can break $4.23-26 range (green box)
The next point of resistance is $4.46 (purple line)
Nov Beans 🌱
Not good price action today.
Technically, we did reach my target (green box $10.65-80)
Doesn’t mean the run is over, just something to check off.
If this $10.42 support area doesn’t hold, the next support is $10.31 then $10.18 range.
I still like taking risk off in that green box ($10.65-80)
Dec Wheat 🌾
We invalidated the head & shoulders pattern I mentioned the last week.
However, we continue to reject off that new downward trend.
Crucial support remains at $5.65
Targets are still $6.12 and potentially $6.40
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Check Out Past Updates
9/25/24
HIGHEST CLOSES SINCE JULY. UPSIDE & SALES CONSIDERATION
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