This is a sample entry from John Payne’s newsletter, This Week in Grain, published on Thursday, August 21, 2014.
Here are a few charts that I encourage bean, corn and cotton traders to pay some attention.
DEC MEAL (line chart)
– As long as meal stays above the 340 level, I feel somewhat confident that soybeans can bounce. If 340 is taken out on a close, then soybeans may continue their decline toward what I feel could be a low near 9.00.
– December corn is fighting the 6 month trendline, established back in May after the WASDE report confirmed acreage. If 380 would be taken out, I would look to move out of downside hedges on the next break lower.
– With the recent USDA crop conditions report reflecting a small amount of crop stress, cotton has caught a bid. Yes, supplies are high and China isn’t buying as much, but quality will be a concern before too long. US cotton is the best in breed and the recent news flow may encourage a push/break of the same trend line with which corn has been battling.
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