Mild Grain Corrections
Presented by Heartland Investor Capital Management Inc. CTA
Corn:
Corrected slightly but held above key support levels
Old crop exports strong, 100 million bushels above USDA pace
Market bridging gap to Brazilian safrinha harvest in July
December corn near 62% retracement, watching for push to 470
Prevent plant and disease pressure building in the Delta and Midwest
Soybeans:
Strength driven by Argentine harvest delays from heavy rain
Food-grade quality may be downgraded to feed-grade
Old crop beans posted strong performance, outside-day higher
November soybeans held 200-day moving average, upside target 1074–1084
Buying opportunity from Tuesday looking profitable into weekend
Wheat:
US export sales excellent at 882,000 MT vs 500,000 expected
US southern Plains harvest areas battling disease and wet weather
China’s main wheat belt remains dry through June 1
Russian wheat region seeing dryness and freeze damage
V-bottom forming in Chicago and Kansas City contracts, possible upside
Crude Oil:
Bearish technicals confirmed, resistance near $65 holding
Outside-day down signals likely continuation to lower prices
OPEC production plans and potential Iranian exports weigh on market
Wave 5 decline likely still unfolding
Live Cattle:
Outside-day down and gap signals short-term top
Retracement to 62% level met, but bearish setup remains
Cattle on Feed report expected bearish: on-feed -1.5%, placements -3.2%
June contract gap plugged on continuation chart
Resistance holds; further rally likely capped
Feeder Cattle:
Gapped higher today but still below key resistance
Boxed target range 302–305 if rally continues
Commercial selling per COT data driving recent drop
Memorial Day demand critical; post-holiday could signal top
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.