AUDIO COMMENTARY
Some heat stress shows in crop conditions
All markets well off the lows, showing signs of reversals
With funds and weather, one would expect a pop
Seeing some politics & weather dominating markets
Mini black swan with EPA deal
Beans +21 cents off the lows
Targets for soybeans & corn
If you’ve sold wheat
Need more export sales
When to and when NOT to use basis contracts. Correct & incorrect ways. Corn, beans, & wheat
Today left us a mini buy signal
For those that reward the rally last week
Charts below*
Listen to today’s audio below
CHARTS
Corn
As I have been saying for a few weeks, we have not confined a bottom until we take out $4.26.
The must hold level is still $4.03
Until $4.03 or $4.26 is broke, we are range bound.
Beans
Despite getting hammered Friday, today was one of the strongest reversal type candles in a long time. +21 cents off the lows. We made new lows but didn’t post a new low close. We will still need to see follow through however.
Friday we rejected right off that May downtrend.
The level to break to confirm a bottom is still $10.97
Chicago Wheat
We made new lows but bounced nicely back into the bottom of our recent range. Optimistic price action.
I still need to see at least $5.67 before I think about calling a bottom.
KC Wheat
Same story as Chicago. $6.00 is the level to watch.
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Check Out Past Updates
7/25/24
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7/24/24
BEANS LOWER DESPITE DROUGHT TALK
7/23/24
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USDA REPORT: LOW PRICES CREATING DEMAND
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IS USDA OVERSTATING CROP CONDITIONS? DOES IT MATTER?
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ARE GRAIN SPREADS TELLING US SOMETHING?
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6/4/24
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6/3/24
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5/30/24
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5/29/24
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MANAGE RISK DESPITE STUPID PRICE POTENTIAL IN GRAINS
5/22/24
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5/20/24
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5/17/24
WEATHER MARKET VOLATILITY CONTINUES TO HEAT UP
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FUNDS DON’T WANT TO BE SHORT GRAINS
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5/9/24
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USDA IN 2 DAYS
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5/6/24
GRAINS HIGHEST IN 4 MONTHS
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5/3/24
SEASONAL RALLY JUST BEGINNING OR BULL TRAP?
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ARE THE TIDES STARTING TO TURN?
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