FOR WEDNESDAY: (9/13) The trade sold the bearish USDA report and then took it back as there’s nowhere to go and we’re not past freeze threats yet. All the grains looked like they did “b” wave retracements and we could still get C-waves up to 362-3 on Dec. corn or 450 on Dec wheat and beans could reach up to 985 or 995.00. We need a freeze threat or some other amazing news for it to happen.
DEC. CORN (electronic ok)
TODAY’S COMMENTS: (9/13) We tried to sneak out of corn at 358 but it didn’t come in and officially were stopped out at 353.50 if you didn’t exit higher. We don’t know much, as 343 didn’t come out so we could still see 362-3. The next sale may come on Friday but we have to look closely at next week, as we have to see if the market can hold up as late as Wednesday.
OVERALL: (9/12) We should get another 30 cents lower after the USDA report from a secondary high by Sept. 15 or 20. That could be followed by another 30 cents lower. At some point in October we could have a 26-cent bounce before a final low. Major weekly chart support at 312 should hold.
FUNDAMENTALS: Is the Corn Belt ready for frost? Historically, the median occurrence of first 32 °F freeze happens between September 21 and 30 in Minnesota, the Dakotas, western Nebraska and Wisconsin. By October 31, most of the Corn Belt has experienced its 32 °F freeze. That’s still weeks away – but a small portion of western Nebraska could see a potential frost Wednesday morning.
CYCLES OVERVIEW: Higher Wednesday; retracing Thursday; higher Friday; lower Sunday.
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