Corn close to 360 key support

FOR FRIDAY: (6/15) If you wait long enough, your numbers will come, and we all got faked out by Tuesday’s report action that triggered buy signals and then they flushed everyone down the drain. Absurd target from earlier in the week came on beans at 923 and corn is close to 360 key support and…


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Beans in a death spiral

FOR THURSDAY: (6/14) We have looked for a recovery into Monday but it may be in 3 waves. Not sure stocks numbers are good enough to negate excellent corn but oversold conditions will allow a bounce. Wheat retraced much more than makes us happy and beans are in a death spiral but closer to extended…


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Oversold conditions may allow for a grains bounce

FOR WEDNESDAY: (6/13) We have looked for a recovery into Monday but it may be in 3 waves. Not sure stocks numbers are good enough to negate excellent corn but oversold conditions may allow a bounce. Beans look terrible and wheat is crazier than I’ve seen in years so not going to touch it on…


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Still open to much lower grain prices

FOR TUESDAY: (6/12) Another USDA report day and they are often turning points. That’s particularly so this time with very oversold conditions and cycles suggesting a recovery into June 18. There‘s reason to take profit on shorts and hedges and then we will re-evaluate by June 18. We’re still open to much lower prices, as…


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Grain recovery into at least June 18 likely

FOR MONDAY: (6/11) Oversold conditions from last week should lead to a recovery into at least June 18 for grains. Short-covering should start sometime by Monday night at the latest, and the trade is concerned about the USDA report on Tuesday, which has to have pleasant surprises given oversold conditions.


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Beans hit extended target of 973

FOR FRIDAY: (6/8) Would think that end of the week short-covering might set in ahead of the USDA report on Tuesday. Beans hit extended target of 973 and corn not far from lower target. Wheat failed at a key number near 537 and came off quite a bit. We always worry about Friday hedging pressure…


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Grains looking lower into Friday

FOR THURSDAY: (6/7) Thursday and Friday could be lower, and patterns to the downside don’t look complete. Still, charts look terrible and the chances for new highs will depend on whether dry comes with hot; our forecast has been for above normal rains this year. The outlook the next few weeks is not supporting hot…


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Expecting short-covering on Wednesday

FOR WEDNESDAY: (6/6) We’re expecting short-covering on Wednesday but Thursday and Friday could be lower, and patterns to the downside don’t look complete. Still, charts look terrible and the chances for new highs will really depend on whether dry comes with hot; our forecast has been for above normal rains this year. The outlook the…


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Charts look terrible

FOR TUESDAY: (6/5) We’re open to staying short another day but not expecting that much more if you’re still short. Expecting that above-normal temperatures for June will start short-covering soon and may keep the market up for a bit from oversold conditions. Still, charts look terrible and the chances for new highs will really depend…


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Climax low for grains in next few days

FOR MONDAY: (6/4) Cooler weather the next few days may dampen drought fears even if temperatures are scheduled to go up later. Still, traders go with what they tangibly feel so the market should keep eroding but reach a climax low in the next few days for grains.


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