CORN (corn ETN) is breaking out (impulsively) above the recently highlighted 18.82 resistance/basing pattern offering an objective add-on or new long entry. Daily chart below.
CORN daily Jan 10th
SOYB (soybeans ETN) is also breaking out (impulsively) above the downtrend line/falling wedge pattern, offering an above add-on or new long entry. Daily chart below with new (updated) price targets.
SOYB daily Jan 10th
WEAT (wheat ETN), the other of the 3 big grains that tend to move in tandem, is still within the big bullish falling wedge pattern on the daily chart with an extremely unusual divergence between it & corn price recently. As such, I still like (and remain long, adding today) all 3 with a slight over-weighting on /ZW (wheat futures) as wheat is likely to outperform as it plays a game of catch-up to soybeans & corn.
My expectation remains that we are likely to see (and have recently started to) rotation from institutional traders (hedge funds, pension plans, etc..) out of over-valued & over-owned tech & other growth stocks, into trades that are likely to benefit from an inflationary environment, primarily commodities.