AUDIO COMMENTARY

Cattle claws back yesterdays losses
Haven’t broke support or resistance
Corn & beans still completely sideways
More details on today’s wheat buy alert
Why we like this certain re-ownership strategy
Taking profits from Aug 28th wheat sell signal
What could happen in the China meeting?
China buying wheat is a sleeper
Is China buying for political reasons or because they see supply risks and upside?
So many questions & variables in this meeting
Our balance sheets are already pretty tight
The crops don’t look like they are getting bigger
We don’t have room to increase demand without prices being rationed
History doesn’t repeat. But it often rhymes
The price potential is absolutely there
High diesel isn’t a bearish item
Option prices have come down if you’re uncomfortable
Strategies based on your needs
This China meeting offers downside risk
Long term our bias is a lot higher
The Super El Niño is already making impacts
The funds are record long. What does it mean?
Until demand slows down the picture is friendly
Chart breakdowns below audio*

Listen to today’s audio below

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CHART BREAKDOWNS

Dec Corn 🌽

Corn sitting at a major spot ahead of the China meeting.

We have continued to hold this key support. Bouncing here countless times the last few weeks.

We are still somehow trapped inside the USDA report day range.

If we break below this support, it potentially opens the flood gates lower.

As there is zero volume or support beneath here. So it could trigger some heavy downside.

If that happened, I would be looking for a bottom in the $5.04 to $5.14 area. Which gives back 38.2% to 50% of the August rally. That is also where volume picks back up and would give us a re-test of those May highs.

Dec KC Wheat 🌾

Dec KC has given back 61.8% of the entire rally from the August lows.

Not only is this the most common retracement. But we are re-testing those prior highs from May as well as July.

We also have a shelf of volume that sits right here which can act as a magnet for prices.

What if we fail to hold this level?

Then we could drop towards the next level of support.

Which is going to be the golden zone (50% to 61.8%) all the way down to the June lows instead.

Which aligns with the next volume shelf.

Nov Beans 🌱

Still completely sideways. Waiting for a direction to be made.

We have not yet broken the USDA report day’s range.

Whichever side the range breaks first likely gives us our next leg as simple as it sounds.

If we break the bottom of the range, there is plenty of downside risk. Given we have a massive volume gap lower and zero support below.

One reason I am cautious up here is that we do have bearish divergence on the RSI. Prices made new highs while the RSI is struggling to keep moving higher. A sign of possible fading upside momentum.

We also had the MACD cross bearish for the first time since July.