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| Both the corn & soybean charts looking solid post USDA
We got a somewhat bearish report, with the USDA leaving Brazil corn unchanged and only cutting the bean crop by 1 MMT. Yet we were able to rally and close higher
Corn:
+8 cents off todays lows. Now +31 cents off the recent lows.
Corn had it’s second day in a row over the 20-day MA
Highest weekly gain in 5 months
Flirting with a breakout from that trendline from June
First upside target is $4.62, our 23.6% retracement (charts below)
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Soybeans:
Up a whopping +30 cents off todays lows. Now +60 cents off the recent bottom.
First close above the 20-day MA since December. Smashing through it
Flirting with that downward trendline from November
My first upside targets are $11.98 and $12.40 1/2. Our 23.6% and 38.2% retracement levels (charts below)
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Here is yesterdays audio comments & USDA report recap where we go over what we think this report means for the future of the grains, how to set yourself up for a potential rally, managing risk and more.
Listen Here: https://txt.so/PQlfDd
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Attachments
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 IMG_1736 (full).PNG (62KB - 195 downloads)
IMG_1735 (full).PNG (67KB - 172 downloads)
IMG_1737 (full).PNG (63KB - 171 downloads)
IMG_1738 (full).PNG (63KB - 177 downloads)
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Corn & bean charts look solid post negative USDA report
