AUDIO COMMENTARY

Massive day for grains
Weather and China spark some life
Too much rain in some spots
Forecasts calling for hot and dry
Tariffs dropped makes us more competitive
More details on soybean signal
How to utilize floors & protect rallies
Funds still short corn & wheat
Some guys getting robbed on basis
Puts are one of the best tools right now
Euro crop continues to get worse
Realize the risks & the bullish cards
Be prepared to do something
Soybean & corn charts below*

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CHARTS

Aug Soybeans 🌱

Soybeans up around 75 cents since last week.

We were trapped in a tight range at that volume shelf we had been talking about for a while. With prices coiling and waiting for a direction.

Today we got the breakout and sliced right through the volume gap to the upside. Like we had talked about last week, prices tend to move through volume gaps fast because there is no resistance.

We have now rallied right into an area of high volume. The same range we were trapped in for weeks back in the spring.

This same level claws back 61.8% of the entire sell off. The most common retracement level.

Prices do not have to stop here. We’re in a weather market. But taking a pure technical approach, this would be a potential area where prices could stall. Given the volume and retracement level. Hence today’s alert.

If we take out this range and area of high volume, it opens the door to challenge the highs.

Like we talked about last week, the indicators were suggesting some friendly signs.

As we had bullish divergence on the RSI. (No current divergence right now).

Meanwhile the MACD crossed bullish. Each of the last three times this happened, a rally followed.

Nov Soybeans 🌱

We broke that area of massive volume, which left very little resistance to the upside.

We’ve now clawed back 78.6% of the entire sell off.

Also sitting at the next area of high volume.

(Last signal was at $12.09: Click Here to View)

Sep Corn 🌽

We finally broke through some resistance.

We’ve clawed back 38.2% of the sell off. Which is the first retracement level.

If we can manage to break above this fib level, we want to reward a move towards $4.49 which is the 50% level and 10 cents away.

That is also the next area of major volume if we break above this current level. It was also previous support from last fall.

Dec Corn 🌽

Similar set up here.

We’ve clawed back 38.2% of the entire sell-off.

If we can break above this level, we want to look to defend a move towards $4.65, which reclaims 50% of the entire sell-off. That same area has also provided resistance in the past.

Like in soybeans, the indicators had been giving some positive signs last week that we talked about.

As we had bullish divergence on the RSI. This happens when prices make new lows, but the RSI does not. Currently, there is no divergence. As prices broke higher, so did the RSI.

Along with the MACD crossing bullish for the first time since April.