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Northwest Iowa | Technically, corn just had a 60% retracement of the January rally and stochastics are in the single digits. Historically, seasonal lows are set sometime in February. Could be a little early but within reason. We could use the excuse of buying calls in here to be ready to move grain off the farm for cash flow. Buy at the money May or July calls. The soybean oil is doing some good things which is buoying the soybeans. The relationship is not as strong as soymeal. Beans are stuck 9in the middle as meal is a laggard as of yet. If we can get the meal turned up, beans should take off. I am impressed as to how well the grains are holding together when you look at the DJIA. The Dow, or equities in general have a long way to go down! Gold and silver are quite impressive with the last up move but are overbought for the time being. Those that are long-probably time to take the money off the table. They likely will set back. Even copper is showing a pulse. Copper indicates industrial use. Crude will likely need a further drop to new lows before bottoming. Each market has its own eccentricities. Not all travel together. No market will go up or down forever. Just for learning purposes, folks! | |
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The JD low
