Corn & Wheat Reaffirm Likelihood for Major Rallies; Soybeans Corroborating. Will 2019/2020 Food Crisis Cycles Come into Play?
Corn & Wheat Reaffirm Likelihood for Major Rallies; Soybeans Corroborating. Will 2019/2020 Food Crisis Cycles Come into Play?
05/18/19 Weekly Re-Lay: “Soybeans, Corn & Wheat all surged, corroborating analysis for a new rally into June from current levels. Corn provided the necessary weekly close above 373.0/CN – validating that scenario.
While Corn was fulfilling a 24-week high-high-high-(low) Cycle Progression in late-April, Wheat was completing a larger 16-month low (April 2015) – low (Aug. 2016) – low (Dec. 2017) – low (April 2019) Cycle Progression.
The intriguing thing about Wheat is that it has the potential for a substantial rally into 3Q 2019 – that would then fulfill a myriad of overlapping monthly cycle highs…
That includes a 12 – 13 month high (May ’14) – high (May/Jun. ’15) – high (Jun. ’16) – high (July ’17) – high (Aug. ’18) – high (Aug./Sept. 2019) cycle and a 12-month low (Aug. ’16) – high (Aug. ’17) – high (Aug. ’18) – high (Aug. ’19) Cycle Progression.
A high in July – Sept. 2019 would also complete a 7-Year Cycle from the July – Sept. 2012 peaks.
If a rally into Aug./Sept. ’19 took Wheat above 593.0/W – its Aug. 2018 peak – Wheat would also be completing multi-year rallies of equal duration (3Q ’09 – 3Q ’12 rally = ~3 years & 3Q 2016 – 3Q 2019 rally = ~3 years). For now, Wheat’s 1 – 2 month resistance is around 480.0/WN and it could see a pullback to ~450.0/WN before the next rally.”
Corn & Wheat poised for major rallies after fulfilling multi-month cycle lows (late-April 2019) and reversing higher. Outlook calls for initial strong rallies in May/June 2019… with Wheat likely to extend advance into Aug./Sept. ’19. Is this a harbinger to Food Crisis Cycles forecast for 2019 – 2020?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.