The Grain Markets . . .
The Story for WHEAT . . .
The WHEAT Market performed as expected with the Summer High coming just a few weeks later than the average year.
The trend is down going towards it's August Seasonal Low period.
The next Low to watch for will be in August. Watch for price penetration of the red angled arrow on the chart for your confirmation of a bottom in August.
So far, the Wheat Market has shown itself to be in a 'Normal' crop year according to it's price actions.
The Story for CORN . . .
CORN is also in a 'Normal' crop year mode at present, making it's expected Summer High in July.
CORN's climb into the Summer Highs was treated in the press as the beginning of a new upswing in Grains. Our long-time readers will know that we advocate watching the Seasonal tendencies for each Market and especially the Ag Crops which are supply & demand markets.
Although the climb was strong going into July, only the foolish would be stampeded into buying this market back then. The more savvy investors would have waited for an opportunity to SELL instead after the expected Seasonal High which came along right on schedule.
The next Low to watch for in CORN will be in October. Watch the red angled arrow on the chart for your confirmation of a bottom in August.
Always remember: We are Followers of the Markets and will let them dictate the price trends. Our specialty must be detecting these shifts of mood early and to take advantage of the Market's Momentum to carry us to profitability. - George
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