Will Grains Correct?
Presented by Heartland Investor Capital Management Inc. CTA
Corn
Overnight strength from crude oil pushed corn higher before fading late in the session
December corn briefly hit a new high at 4.95 but closed unchanged
Market targeting a potential $5.10 objective based on the 35 cent breakout range
Producers began small sales near 4.73 but plan heavier hedging above $5
Strong ethanol demand with record grind and falling stocks supporting usage
Soybeans
Beans made new highs today but closed on the lows suggesting a potential wave C correction
Key support levels sit near 12.07 and 11.90
Speculation China may issue flash purchases ahead of a possible March 31 meeting with President Trump
Old crop beans could rally toward 12.81 before the acreage report
New crop soybeans may see a push toward 12 before additional hedging emerges
Wheat
Kansas City wheat continuing wide daily trading ranges near twenty cents
Technical structure suggests possible pullback toward 5.88 in a wave C correction
Dryness continues across portions of the western Hard Red Winter wheat belt
Russia Ukraine conflict remains an underlying supply risk
Market still capable of pushing toward the 6.60 to 6.80 range this spring
Cattle
Live cattle held support near 228 while trading at a discount to cash
Short term bounce could retest resistance near 234 to 235
June futures becoming spot contract next week could deepen the discount
Feeder cattle held the 38 percent retracement level after briefly breaking it
Rallies toward 257 to 258 may face selling pressure from the downtrend
Gold
Gold hovering around the 300 day moving average after the sharp January rally
Market structure suggests a potential ABC correction forming
Two consecutive closes below the 300 day moving average could trigger a larger downside break
Near term signals point toward a corrective phase before a longer term rally later in the year
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.