SEASONAL RALLY JUST BEGINNING OR BULL TRAP?
AUDIO COMMENTARY
Corn makes new highs
Funds still short a massive amount
Crop progress Monday. Might not be delayed
Wheat Russia crop is getting smaller
The market is finally starting to turn around
Why we sound bullish most of the time
Being in the top 10% of the market
Early stages of seasonal rally
Dates and price targets
When to watch for triggers for sales
Look for funds to continue to cover
If you have commercial storage
USDA report next week. Could add pressure
Might not go straight up the next few weeks
Late planting and heat isn’t recipe for huge crop
Have hand on the trigger next 1-2 months
Don’t do HTAs with elevators
Listen to today’s audio below
CHARTS
July Corn
We closed above the 100-day MA for the first time in 281 days.
We made new highs but barley closed above that $4.60 key resistance.
Would like to see a little follow through to confirm more upside.
Our resistance is now that upper trendline. Another strong day could bring more technical and fund buying.
Dec Corn
This chart looks better than the July. We took out $4.81 which was a huge level.
We are above the 100-day and that key resistance.
The next big resistance is the 200-day MA at $4.95 and then the $5.00 area. That is the area we gapped lower at after trading in just a 15 cent range for 141 days prior.
July Beans
As mentioned yesterday, we took out that first resistance. We have some good resistance here with the 100-day MA, the downward trendline from Nov, and those March highs.
If we can get above $12.40 things will get interesting as we have that $13.00 gap to fill.
July Chicago Wheat
We continue to find support at the 100-day MA and resistance at the 200-day MA.
If we can close above the 200-day it could lead to more upside.
July KC Wheat
Essentially the same as Chicago. We need over the 200-day to bring on more upside.
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Check Out Past Updates
5/2/24
ARE THE TIDES STARTING TO TURN?
5/1/24
BE PATIENT & READY FOR THESE OPPORTUNITIES
4/30/24
FIRST NOTICE DAY SELL OFF
4/29/24
WHEAT TAKES A BREATHER
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4/26/24
SHOULD YOU REWARD WHEAT RALLY?
4/25/24
WILL FUNDS BE FORCED TO COVER?
4/24/24
WHEAT CONTINUES BULL RUN & CORN FAILS BREAK OUT
4/23/24
FUNDS CONTINUE TO COVER & RALLY GRAINS
4/22/24
GRAINS CONTINUE 2-DAY RALLY
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4/19/24
ONE DAY WONDER? EXTREME VOLATILITY & RALLY
4/18/24
GRAINS WAITING FOR WEATHER MARKET
4/17/24
NOT IN THE WEATHER MARKET QUITE YET
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4/16/24