AUDIO COMMENTARY

Ugly day across the grains
USDA report out next Friday
SA weather, USDA, and exports could dictate if this was the corn top for now
This is why we had been stating to reward the rally or add floors
Meal under heavy pressure brings beans with it
We had soybean cancellations
Bulls need to be kept fed
Those of you that have to move stuff
Using front month puts if you that want to make 2025 sales but don’t love the price
New lows in Chicago & MPLS but KC has held
Longer term wheat fundamentals still friendly
When wheat lacks a story it will drift lower
If you still have to move beans soon there is a lot of risk at these levels. Seasonally beans fall in late January
Corn bounced at 200-day MA (chart below)*
Meal rejects off resistance (chart below)*
Wheat at 1st support (chart below)*
All chart breakdowns below*

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CHARTS

March Corn 🌽

We bounced right at the 200-day MA and closed right at the breakout point of this asending triangle.

Would like to see us continue to hold the 200-day MA but it’s not the end of the world if we don’t.

Still think we bounce somewhere in this green box for now.

My bias leans higher unless we were to break below that blue upward trend. Then my bias would likely switch lower.

Next target is still $4.67 as our previous one was $4.51

Stochastics suggest that the correction might not be over. As they have plenty of room to go lower but don’t have to.

I stated yesterday this was a point of concern as they were overextended.

March Beans 🌱

Might’ve got a bull trap above that May downward trendline.

Sitting right at that big support (red line)

IF this level fails, there is nothing stopping us from re-visting those old lows or even lower.

IF we make it up to the green box, that is my target to de-risk. Targets do not have to hit. They are simply there to let you know it might be a good idea to de-risk if they do hit.