If you want to see some pretty cool high-level Elliott wave analysis of corn, soybeans and wheat markets, check out analyst Jeffrey Kennedy’s Daily Futures Junctures at www.elliottwave.com. It’s “Free Week,” which is a rotating promotional thing that makes the various Elliott Wave International publications free for a few days in order to entice you to subscribe. (I’m not suggesting you subscribe, but this is pretty enticing access to a normally-expensive product.)
Jeff’s Daily Futures Junctures is free until the end of Wednesday, March 23, and there’s some interesting stuff up there about his outlook for wheat, corn and soybeans – as well as lean hogs.
Jeff relies mostly on Elliott wave analysis, but also includes traditional Dow theory and also momentum indicators.
His Friday, March 16 report on sugar, soybeans, corn and wheat is interesting, and it’s fun to compare it back against what’s happened in the days since he published it. It’s a shortish-term outlook publication – he also does a monthly report to which I have subscribed in the past – and generally the markets have gone the way he expected. The main crop markets have risen since Friday, but he expects them to diverge almost immediately.
Here are a couple of his outlook charts, one for soybeans and one for U.S. winter wheat:
Where the line stops being jagged and starts being straight is where it switches from actual recent market action and gets into his forecast.
The numbers and lines are technical measures he employs, which he discusses at length in his video commentary. Generally, in the next couple of coming months, he expects soybeans to surge back up, and to reach $16 per bushel, but he’s bearish about corn and wheat. He expects corn to bottom at around $6.00 per bushel, and wheat to hit bedrock at $6.00 or $5.50. He isn’t sure if wheat is just short-term bearish or longer-term bearish. But he’s watching to see which it is. Either way, it’s short term bearish, he says in his video.
Kennedy also provides an interesting discussion of a head and shoulders top formation in sugar. “It’s a real fun pattern,” he says.
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“This is a real nice example of a real nice head and shoulders.”
He also sees lean hogs going up soon, so if you’re a hog producer and want to stay cheery, check out that forecast too.
