AUDIO COMMENTARY

Still no confirmation of a top in cattle
Cattle still in a bull market
First notice day pressure gone
Corn might’ve posted it’s harvest low (chart below)*
Who is left to sell here?
If you have to move bushels off combine
Beans & wheat broke key levels (charts below)*
I still like re-owning wheat here
Last year wheat rallied hard soon
Seasonally wheat finds life here
Everyone knows China hasn’t bought beans. Business everywhere else has been great
Super solid demand across the board
Corn rallies in Sep 8 of last 10 years so they can avoid the insurance payments etc
If a 20-30 cent rally hurts your bottom line, do something so it doesn’t. Do not get hurt in an upward market
We don’t want to pre-sell 26 & 27 below cost of production
Corn, beans & wheat charts below audio*

Listen to todays audio below

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CHARTS

Dec Corn 🌽

We closed above $4.16. Which was the 61.8% retracement to those mid-July highs.

This makes me more confident that the harvest lows have indeed been posted. As this is no longer seen as a correctional bounce.

However, we are now up against a big hurdle.

The downtrend that has marked every high since April. So I expect us to reject there.

But if we bust through, the next target is that big green box in the $4.30 to $4.35 area. That is an area I will likely be looking to de-risk in.

I’ll share more thoughts early next week. But the chart looks great here and has now built a longer term friendlier structure.

Nov Beans 🌱

I apologize if this is hard to follow along with here.

But we have 3 different sets of retracements on this chart.

Black is the 50-61.8% retracement from last weeks highs, down to those $10.40 recent lows from yesterday.

We closed above the 61.8% level. So that is a good sign and indicates we might now try to test those highs.

The small green box is the 50-61.8% retracements from the recent rally.

We touched the 61.8% level and bounced. That is a friendly sign. That is a must hold short term for bulls or it opens the downside up to test the blue box if it fails to hold.

The blue box is the 50-61.8% retracement of the entire rally since $9.80. That is the target if we fail to hold the green box. This blue box is the line in the sand to keep the big picture bullish structure in place.