Wheat Low Has Anchored
Presented by Heartland Investor Capital Management Inc. CTA
Wheat:
Wheat rally continues amid disease pressure in Kansas and soft wheat areas
Severe drought and extreme heat in China's main wheat belt drawing global attention
China's poor crop could reduce global supply and increase demand for imports later in the year
V-bottom formation complete; funds may re-enter on any pullbacks
Kansas City wheat holding support at $5; approaching resistance near 550
Corn:
December corn rebounds to 549 as planting concerns grow
Heavy rains in Southern Indiana, Illinois, Missouri, and the Delta raise prevent plant risk
Potential reduction to 95 million acres from expected 96 million
USDA may revise last year’s yield upward to 178–178.5 to balance export demand
Market nearing 200-day moving average; two closes above 458 needed for upside confirmation
South American weather concerns (Argentina, Brazil) add support due to excessive rains
Soybeans:
November soybeans holding above 200-day moving average after multiple tests
Brazilian harvest issues and reduced meal demand from avian flu weigh on trade
Rally possible if last week’s lows hold; upside linked to South American complications
Cattle:
Live cattle fail to rally despite strong box beef over $260
Weak bounce suggests possible further downside; support near 201–202
Feeder cattle show even weaker recovery; risk of testing support at 290–292
August feeders stuck below hourly moving average; need to clear 299 to regain strength
Gold and U.S. Dollar:
Gold stabilizing after ABC correction, turning higher
U.S. Dollar back under par, supporting grain and gold markets
Sustained dollar weakness may lift gold to new highs
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.