June 30th Crop Report Preview
Presented by Heartland Investor Capital Management Inc. CTA
Corn:
Market remains lower since Sunday night, erasing last week’s bounce
July contract first notice date is Monday; must exit by Friday
Corn stocks expected lower year-over-year, matching expectations
Monday’s acreage estimate averages 95.35 million acres; if it hits 96, it’s bearish
Market needs sub-95 million acres to trigger bullish reaction
Chart support near $4.00 on continuation; 78% retracement level
Despite strong export sales (700,000+ mt), no panic—big crop expected
Brazil’s crop struggling to dry down; damage talk increasing, but no panic
Seasonal and Elliott Wave watchers see possibility of cycle low next week
Traders positioning cautiously ahead of potential surprise July 1 news
Soybeans:
Stocks slightly higher than last year, not surprising
Market trading in classic Elliott Wave ABC corrective patterns
Watching to see if acreage comes in above or below 84 million acres
Holding 60-day consolidation zone; looking for an ‘A’ wave rally
Wheat:
Collapsing despite recent heat in France and failed crop conditions
Head-and-shoulders bottom blown up as market fell through support
Spot September may test $5.20 key chart support
Cycle low due next Thursday—potential bounce candidate
Protein levels remain key problem for deliverable wheat
Spring Wheat:
Hit major support (green line) after false breakout attempt
Technical cross suggests last time this occurred, market rallied
Canadian rains weighing on market
Crude Oil:
Failed fifth wave confirms downside breakout
Expecting further decline to $60 range before bounce
Possible hurricane season event may offer short-term support
Overall trend pressured by looming recession fears
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.