AUDIO COMMENTARY

Still like protecting these cattle levels
Beans continue to hold $10.00
Corn holding golden zone (chart below)*
Feeling US sold massive amount of corn
There is a chance we don’t see a USDA report until January. If so it could be a huge market mover
Chatter of corn yields a lot worse than last year
Markets are scary with the unknowns
Could argue prices a lot higher or lower
Options dirt cheap. Calls could be cheaper than storage in a lot of cases
Don’t like selling anything right now
Could see 30-50 cent dead cat bounce in wheat sometime
Would rather own wheat than sell here
Do ags actually matter in the trade war or is it just the rare earth minerals?
Why is basis firming in the gut of harvest?
Why haven’t beans fell apart last few days?
There are signs that the crop might not be as large as advertised
You don’t get many opportunities to add these cheap of floors or to re-own this cheap
China just made biggest weather bet of all-time
If you have to price soybeans by the end of month
If you have corn basis contract
Should you make new crop sales?

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CORN CHART

Dec Corn 🌽

So far we are bouncing right in the golden zone (50-61.8% retracement of the entire rally off contract lows).

The 61.8% level is the most common level. However, we hit the 50% level then bounced. Which is deep enough for a standard correction.

So perhaps that was the bottom.

Either way, to remain bullish we need to hold $4.07 (which I personally think we will).

That $4.07 level also lines up with the August point of control. Meaning that level had the most volume during August. So that adds even more support and makes me think we’ll that level.

First upside target is still $4.35 for now.