Grains, Trains & Supply Chains
Presented by Heartland Investor Capital Management Inc. CTA
🌽 Corn
Pro Farmer Tour findings continue to point toward lower corn yields across much of the country.
A national yield near 178–179 bpa is becoming increasingly plausible.
Corn pushed above $5 and held firm despite approaching the 5.06 contract high.
Technical objectives point toward 5.24–5.25, with 5.50 possible if September USDA numbers confirm lower yields and stronger exports.
🌱 Soybeans
November soybeans reached 12.44½ before retreating into the close.
Yield expectations are leaning closer to 52 bpa, tightening an already smaller carryout.
Continued Chinese buying could push ending stocks toward 200–220 million bushels.
South American weather is becoming another bullish concern as Mato Grosso approaches planting season.
The longer-term upside target remains roughly 13.30–13.60.
🌾 Wheat
Black Sea grain movement remains severely restricted as Russian and Ukrainian ports face disruptions.
Low water levels on the Danube are also limiting how much grain can move through the river system.
That could shift additional wheat and corn demand toward Europe and eventually the U.S.
Wheat remains volatile but continues to trend higher, with Chicago wheat targeting roughly 7.27–7.30.
🐂 Live Cattle
October cattle continue to battle major support around 215–216.
A recovery rally could develop, but 225 is expected to provide significant resistance.
If that level eventually breaks, the market could recover toward the 235–240 area.
Current levels are viewed as too late to aggressively add downside protection without first seeing a rally.
🐄 Feeder Cattle
October feeders held the important 320–321 area and managed a higher close after making another new low.
A corrective bounce is possible, but 340 is expected to be very difficult resistance.
Mexican feeder imports are expected to increase gradually rather than overwhelm the market.
The broader technical structure remains bearish, with longer-term downside risk eventually extending below 300.
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.