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Corn price on January 1st
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JonSCKs
Posted 9/26/2016 07:28 (#5549567 - in reply to #5548063)
Subject: Something like..


Who knows?  But here's my GUESS.. for Corn

a) We'll test out the bottom one more time on the Weekly chart at $3.12'ish on harvest pressure from Record crop..  would be helpful for Insurance.
b) Tight farmer holding of what we own will support a short covering rally into the end of the year.. maybe around $3.85'ish.. maybe higher like 2014..
c) After Jan 1st tax selling will pressure..
d) spring rally pushes us to rally from some point towards and or back over $4.00..  "maybe.." 

The short funds will cover this fall..

but not sure what they will do next spring.. add to shorts again or cover/go long for a summer rally?

We may not see the La Nina that we experienced in 2010 or what we expected last year?

Flip side.. we'll probably Not have as good of weather NOR the Acres for the Wheat crop...
.. but it may not matter..??

Producers are gonna need a rally back closer to production costs..  Energy prices could be supportive by then.. ( or not..??)

In short the Heavy Shorts in Wheat must cover.. in order for a decent rally to occur...  been a pretty tough cookie thus far.. but still expect it..   ???

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