HOW HIGH COULD WE ACTUALLY GO?
AUDIO COMMENTARY
Cattle continues to get hit
Corn gaps open higher
Corn crop conditions dropped -3%
There is potential like we’ve said for long time
Market is pricing in explosive potential
What could happen and the probabilities
Watching for warning signs
How high could we realistically go?
If you have to move grain do something here
Can sell $6-7 corn calls. Make them come get it
Realize the potential outcomes
Getting Sep USDA in few weeks
Crops getting bigger or smaller here?
Can the USDA afford to fib?
The market’s job is to find demand or slow down demand and find supply
If supply isn’t there demand has to slow
Demand can’t keep jumping if supply keeps dropping
Spread betwen corn & beans switching more
Could see an inverse coming in corn
How to take advantage of spreads
If you are considering marketing 27 crops, here is what you need to know first
The market is providing a lot of opportunity
Most grains at multi-year highs
Some AI data below audio*
Chart breakdowns below audio*
Listen to today’s audio below
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Office: (806)484-1214
CHARTS
Dec Corn 🌽
We’re hitting a big point of interest here short term.
We hit the 161.8% to 200% retracement from the recent lows up to the July highs. These would be a common continuation target.
This same area is the implied target from the bull flag pattern we broke out of.
We left somewhat of a poor candle today closing well off the highs after gapping higher.
Beyond this, the next target is the $5.50 range. As the 161.8% golden fib from the contract lows up to the May highs sits at $5.56
If we get a decent pullback, I am currently eyeing that $4.90 range.
Which gives back 50% of the rally and is also the highs from July.
Nov Beans 🌱
Sitting at some high volume here.
If we break below, there is a volume gap lower towards the golden zone.
Bulls want to see us hold $11.95 to $12.05. Which gives back 50-61.8% of the recent rally. So that would be an area where we’d like to see a bounce if it comes. That same level is also the May highs.
If we can break above the $12.56 highs, we have another target of $13.00-13.12.
Dec KC Wheat 🌾
Sitting at a volume shelf here.
Volume shelves can act as magnets or launch pads.
If we drop into the volume gap below, we likely head back towards the other volume shelf.
If we break the highs, we should get a leg higher.
If we make new highs, I have a target of $8.40 to $8.50. Which is the golden fib and implied move from this cup and handle pattern.
AI DATA
Here is the AI data Jeremey talked about in this audio.
This first one is a price forecast model.
The second one is a yield x carryout price matrix.
Independent Daily Price Forecast
Yield X Carryout Price Matrix
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Email: sfrost@dailymarketminute.com
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