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Buxton ND | We did bounce fairly nice off 3.48 (good sign) we sold off pretty hard on the close (bad sign, big boys selling)
Calling it 3.47 is like Maize holding up a railroad track of support on the chart and taking a picture.
Well the corn acres are (projected, yes this can change)
93.6 USDA Range 89 - 91.5 average of 90 ma
2.1 ma more then the high end of the range, that's the shocker, I'm surprised we did not close limit down.
IMO there's been some buying across the pond in Euroland, they have not really traded the report yet which could lead to more selling pressure tonight.
Its gonna be buy wheat/sell corn, buy beans/sell corn as spread trades which well not help.
This corn rally was tech/charty based, fundy's have not changed til 11 am
Yesterday WAS a KR day,,,,, higher high then the prior day high and closing below the prior day low,,,,, that IS A KR.
Looking forward pretty easy to make a WEEKLY KR
These are all warning signs to the techy/charty trader.
IMO UNLESS we can bounce on Friday, traders will eye the fall low of 3.18 in 2014
Yes no one wants to hear that,,, but there alot of "air" (no support) til 3.18ish
Just roughly figuring in my head 3.18 and the fund boys going to a new all time record net short position (<135k) would match fairly close.
If we do not bounce quickly by tomorrows close I will be back to old Griz Bear Sat until a weather scare.
I pulled my buy order for ZCZ16 this after noon with the options order staying put.
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$3.48 or so on the continuous is an interesting area in corn
