Grain Washout
Presented by Heartland Investor Capital Management Inc. CTA
Wheat
China reportedly washed out Gulf soft red winter wheat purchases from late November
Chicago wheat made a new contract low but did not close at the low
Technicals show a possible wave two washout near a 786 retracement
Failure above the 200 day moving average accelerated liquidation
Wednesday bounce possible but not confirmed
Soybeans
Beans are down roughly $1.10 from recent highs
Market doubts China will fulfill the projected 12 million metric tons of purchases through February
Prices are near the 200 day moving average and a 62 percent retracement
Seasonal pressure from Brazilian weather remains dominant in early December
Key question is whether this level holds or extends lower toward a deeper wave two
Corn
Corn is holding together better than wheat and soybeans
November lows are still intact for now
Seasonals favor a move higher into late December and first quarter
South American supply timing supports U.S. corn demand near term
A breakdown tomorrow would force a full technical reset
Bean oil
EPA provided no new guidance with clarity now expected in early 2026
Bean oil made new lows but did not close there
Prior resistance appears to be acting as support on continuation charts
Market needs a sharp rebound to confirm a completed corrective wave
Cattle
Live cattle remain congestive but biased higher in December
Seasonal tendency supports strength into year end
Feeder cattle are firm with index levels supporting a gap fill
Post first of the year correction remains the expected next phase
Longer term topping structure still projected later in 2025
Crude oil and energy
Crude oil continues lower in a clear wave three decline
Diesel prices approaching levels attractive for year end tax planning
Potential downside remains toward the 210 range or lower
A deeper washout into early 2026 could set up longer term buying opportunities
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.