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NW Indiana | I was impressed with yesterdays outside day up in soybeans but am surprised by todays action. With being at a clear downtrend line resistance I would of thought todays beating of the dollar would be a great opportunity to take out that line. A failure to do so could leave the bulls wondering if they should give up. Yes I am a soybear currently but was actually hoping for another pop up for an opportunity at another trade. I'm sticking with my prediction of a RMA price of around 9.50. Corn on the other hand I expect strength leading into the report as the index funds begin their rebalance on January 9th I believe. If we can get new crop around 3.95 I will likely look to hedge that number before the report and very well will keep it on until the RMA is locked in. If I had to guess I would expect that number around 3.80. With all that said the report ultimately determine if those guesses are anywhere close. | |
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Todays action
