The Bears Are Befuddled

Presented by Heartland Investor Capital Management Inc. CTA

Corn:
 Support at 420 remains strong with resistance at 431 to 435
December corn retracing 50 percent of prior decline, forming a V-bottom pattern
Sales paused near 450 but reownership recommended if selling off the combine
Carryout could drop under 2 billion bushels with yields closer to 184

Soybeans:
 Closing just under 1050 with key resistance at 1054
Wave three higher could target 1106 minimum, potentially extending toward 1150
Trade developments with China remain a bullish catalyst
Basis issues in North Dakota make storing beans preferable over corn

Wheat:
 Follow-through strength from last week’s reversal
Resistance around 543 to 545 on continuation charts
Seasonal tendencies supportive for Chicago, KC, and Minneapolis wheat next week
Minneapolis weighed by bin cleanout but expected to firm

Cattle:
 Live and feeder cattle in X-wave recovery phase
Potential upside to 238 to 240 in live cattle and 360 in feeders
Seasonal downturn still expected before winter rally attempts
Hedges suggested at resistance levels during this corrective phase

Crude Oil:
 Strength tied to geopolitical moves on Russian crude
Watching October contract expiration September 22 for wave two peak
Potential ABC corrective rally into next week before another leg lower
November contract tracking 50 cents under October adds caution

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.