GRAINS CONTINUE RUN. WAYS TO PLAY THE MARKET. WHAT’S YOUR SITUATION?
AUDIO COMMENTARY
Canada & China canola pressure
Grains contribute to run from lows
Charts look very strong
ALL CHARTS BELOW AUDIO*
Could be approaching resistance
Less farmer selling
Some say bean count isn’t there
Next targets for grains
What to do with targets when we hit them
Big ag forces sales at the bottom
Do you think the government wants to pay you an insurance check?
Next weeks USDA report will be big factor
Ways to play the market here with floors etc
Getting ready for floors on stuff have to move
More upside than downside here still
What is your situation?
Capturing the carry
Listen to today’s audio below
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CHARTS
Dec Corn 🌽
We took out $4.03
We took out $4.09
Next stop might be $4.23
HOWEVER, just be aware that we are running into some important resistance levels here. So I would not be shocked to see pull back.
We have resistance at that May downtrend (teal line)
We have resistance at that pink line, which is our long term old support turned to new resistance.
If we can bust through that pink line and the $4.23-26 area (green box) I would be pretty confident saying we found ourselves a bottom.. although it does feel like we already might’ve found one.
So wouldn’t be surprised to see a pull back with the upcoming resistance. Some pretty big levels coming up for corn.
With first notice day out of the way, we are going to be seeing less farmer selling, and probably won’t see any until we get at least into those July highs of $4.23.
The funds have actually been buying corn the past few weeks, but it was met with farmer selling. Thats not there anymore.
Nov Beans 🌱
Beans higher past 7/8 days.
Charts looks great. We busted through that May downtrend for the very first time last week.
Highest close in a month.
Took out our July lows of $10.18
Could definitely run into resistance between here & $10.31 (blue line), but don’t have to. That was our mid-July lows.
Looking pretty great thus far. Ideally I want us to make our first higher high at $10.42 (orange line) before getting too overly confident that the bottom is in.
Dec Chicago Wheat 🌾
Wheat sitting right at that $5.80 level I had been pointing out for weeks if you had been reading my chart updates.
Last Friday I said if we broke that channel (yellow lines), the next stop was this $5.80 level.
Another push higher out of this green box and my next target is $6.12 (our 38% retracement from our May highs) (pink line).
My 2nd target is our 50% retracement at $6.40 (green line).
Dec KC Wheat 🌾
Same exact situation as Chicago.
I said if we break that channel, we could go test the recent highs.
Next target is the July highs of $6.16
2nd target is $6.50
Chart looks very strong today.
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Check Out Past Updates
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
HUGE USDA REPORT MONDAY
8/6/24