Sep Wheat - 1 to 2 Lower
Sep Corn - Steady
Dec Corn - Steady to 1 Higher
Sep Beans - 5 to 7 Higher
Nov Beans - 1 to 2 Lower
The cover image is a reminder of the weekly and monthly charts and that they tell me corn and soybeans had a big 1 (Elliot wave theory) into May 2021, a correction to Nov 2021 (big 2), a small 1 of big 3 into Feb/March of this year - a small 2 correction into July 18th (last Friday). I think we are starting small 3 now (which is the middle of big 3), which is an impulsive uptrend. Hope this is not too confusing. The main point is these markets are in the thick of an uptrend.
My charts have too many notes on them to publish - the chart won't be clear enough. The main point is impulses consist of 5 waves where 1-3-5 are up, 2-4 are corrective/down. I believe we are beginning 3 of small 1-2-3-4-5 on weekly. Therefore August 29th (35-38 day cycle) or The Sep report or early fall may not be the end-end of the rally which began in 2020.
Remember the sideways trade between 2014-2020 was about 6 years. The rule of charts is they spend roughly equal time between narrow sideways channels/correcting and the up trends that occur. The main point here is we are in about month 26 of the rally - the sideways channel was about 72 months. There is reason to believe the next correction could be from much higher than even I can conceive.
Yes, absolutely there will be a big correction from later in the summer or early fall. We do not know what price that will be from - new contract highs or not? Nobody knows yet, But corn and soybeans will continue to give clues every day and week. again, they are off to a rather powerful start. It would take a big force to stop it. The corn and soybeans are in a motion and that motion is up. Newtons 1st law says it will not change this motion till a larger force acts upon it.
When I began writing with Roger in Jan/Feb I posed the possibility that these grains could be having a generational price shift. Keep all that in the back of your mind when you have the urge to forward sell 3 years of production - take it easy and consider the big picture.
We might not even be able to compare this year to 2011 or 2012 chartwise, but I have a sense that new information will come quickly in the next several weeks. We simply don't know for sure yet. However the signs are pointing in that direction.
Here is the PPI for Soybeans going back to 1950:
Sep Crude Update: Oil is stuck in a small sideways channel between 94-100. The larger energy should eventually be up above 100 and all the way to around 111. It will first have to overcome the resistance energy keeping it down - the bulls and bears are in a tug-of-war.
Dow futures update: The dow is still in an uptrend since it began on 6/17 - up about + 2850 points from the low. There is no real resistance for another 1000 points up. This is good for 401k's.