AUDIO COMMENTARY

Trump expected to announce China details in Iowa tomorrow
Vietnam agrees to buy US ag products
Beans rally at golden zone (chart below)
Funds short massive amount of corn
Rumors all good for demand
Thin holiday trade
Could see weekly reversal candles
Weather over weekend important
Got negative rumor report out of way
Corn at resistance. Need a break through (chart below)
People think today was about China buying not Vietnam
Not awful place for corn re-ownership
Lot of chatter about huge 185-190 yields
Record crop already priced in?
US dollar tanking everyday. Growing demand
The pathway is there for higher prices much longer term but depends on trade deals etc
What happens if interest rates come down?
A lot of unknowns on the crop

Listen to today’s audio below

CHART BREAKDOWNS

Nov Beans 🌱

We bounced exactly where I said we needed to. Right at the 61.8% retracement down to the April lows. (aka the golden retracement).

That green box is where the market needed to make a decision. Reverse or fall apart. We got our answer.

Still looking for $10.82 as my first target. That gives back 50% of the May 2024 highs.

Then $11.10 as our 2nd target. I will touch on why this is our 2nd target tomorrow.

Sep Beans 🌱

Perfect bounce off 61.8% level.

First target is $10.83

Dec Corn 🌽

Right at resistance here.

This was old support several times. So it is now resistance.

On one hand, a rejection here makes sense.

On the other, a break above should confirm more upside.

Big spot for corn here.

Still looking for $4.48 to $4.55 to de-risk if we get the breakout.

Sep Corn 🌽

Not quiet at resistance yet like Dec is.

Either way, big spot coming up.

A break above the red box should bring more upside.

Still eyeing $4.41 to $4.51

$4.31 would be a more conservative target if you want one. As that is the next fib level before $4.41 and $4.51

Sep Wheat 🌾

Looks good. Held the bottom of the channel perfectly.

Next point of interest is the blue box to de-risk.

Long term target is the top of the channel if we ever make it there.

Sep KC 🌾

Doesn’t look as good as Chicago wheat.

But held contract lows.

Resistance is the green box.

Target to de-risk is the blue box.

If you did not pull the trigger last time at the blue box, you could eye the green box to de-risk a little if you want to do so. As that is resistance.