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South Central Iowa | I totally agree. But the trade responded poorly to the condition ratings on Monday. For my technicals, we tried to close above $4.14'4 on Tuesday, settled at $4.14'2 and that weakness pushed us down. So we were technically weak going into a known bearish report. We held support on that report, but a weather update broke that. We have broken several layers of support in corn now and I have a tough time trusting it further. I think we have an ugly technical, weather, and seasonal outlook now. I hope I am wrong and we can have something better, but it's hard to see it if rains come in July. The corn market has been difficult to rally all year. It fell apart quick. It will be hard to convince anyone to brave a long position.
I stopped my longs for 3 pennies and sold my August Puts for a little more than I paid. Kept my $4.00 September puts for downside protection. At this point, I am not confident in any rally for corn.
Hopefully we can make an early low. Look at the 2015 chart Indy; it peaked on July 14th and crashed 75 cents in like 5 days. I don't remember exactly, but it was fast and vicious, both up and down. | |
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Future's market
