Did The Heat Do Damage?
Presented by Heartland Investor Capital Management Inc. CTA
🌽 Corn
Corn was pushed to a new low before recovering and closing near the session highs.
Accumulated heat stress remains a concern across western production areas.
Dryland corn in parts of Kansas may be cut for silage rather than grain.
Yield expectations near 180–183 bushels per acre may still be too optimistic.
Lower acreage and stronger exports could continue reducing projected carryout.
A Friday recovery toward 468 remains possible ahead of next Wednesday’s WASDE report.
🫘 Soybeans
Soybeans continued holding near the 62% retracement level on a closing basis.
The market closed higher after seven consecutive sessions of lower daily highs.
A close above 1183 would improve the technical outlook heading into WASDE.
USDA reported another soybean flash sale to China Thursday morning.
Regular Chinese buying could help the market return to an upward trend.
🌾 Wheat
Wheat broke through continuation support and stopped out the speculative position.
Chicago wheat found support near the previous breakout around 625.
A deep-in-the-money October 620 call was purchased against December futures.
The option provides Black Sea exposure without requiring a futures stop.
Disappointing export sales contributed to Thursday’s sharp decline.
A recovery above the 20-day average Friday would signal renewed concern over Black Sea disruptions.
🥇 Gold
Gold surged through major moving-average and trendline resistance.
The market may briefly return to test the breakout before moving higher.
Seasonally, gold often forms a low from August into early September.
The early-year peak could also allow the seasonal recovery to begin earlier than normal.
🐂 Live Cattle
October cattle reached resistance near 230 before selling off sharply.
Choice boxed beef dropped roughly $5 Thursday.
Slowing traffic at higher-end restaurants may be weakening steak demand.
The decline may represent the first leg of a larger three-wave correction.
A later rebound into the mid-230s remains possible before another move lower.
🐄 Feeder Cattle
Feeders reached the projected 348–350 resistance zone before breaking sharply.
A pullback toward 335–337 could precede another technical rally.
October futures are trading nearly $10 below September.
Successively lower deferred contracts will pressure the continuation chart.
January feeders near 300 may be adequately priced unless Mexican imports accelerate or another major bearish event develops.
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.