Grains are Going Nowhere Fast
Presented by Heartland Investor Capital Management Inc. CTA
Corn:
USDA initially announced China bought 120,000 MT corn; later corrected to South Korea
Combined with 280,000 MT to unknown (likely Mexico), over 400,000 MT sold in a day
Despite correction, corn held firm all morning and closed only slightly lower
September contract holding above 78% retracement level; sub-$4 closes have been minimal
December corn stabilizing around 417–418 after July 14 low
Seasonal weakness typically ends in early August, potential for bounce into Labor Day
Lower prices appear to be drawing export interest even with South America competition
Wheat:
Chicago December wheat remains rangebound after May 13 low
Possible failed head-and-shoulders bottom; market keeps regaining footing after downside tests
Kansas City wheat stagnant; must close above 637.5 to change tone
Carry continues to come out of the market, but no clear breakout yet
Soybeans:
Bean oil continues to lead the complex with a fifth wave potentially underway
Possible push toward 57.60–58.00; wave structure suggests room to run
Soybean meal forming higher lows; watching for wave two correction near 1013–1007
Beans could see support as August weather becomes more influential
Ratings slipped Monday; potential for another drop could support market
Cattle:
Inside trading day for August fats and October feeders
Nearing measured wave targets around 330; extended could reach 337–338
Friday’s Cattle on Feed report expected to show slight declines in on-feed, placements, and marketings
Gold:
Gold reversed after hitting channel resistance; outside day down followed by further selling
Trade war de-escalation easing safe-haven buying
Watching for support near 2330; failure could lead to deeper correction
Crude Oil:
Crude bounced after early break on Chevron-Venezuela production news
Chevron allowed limited production—impact seen as minor
Reclaimed trendline; potential ABC correction could push prices back to 69
Seasonal hurricane threats could become a factor in mid-August
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.