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Well Corn broke its range
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Conan the Farmer
Posted 1/20/2017 12:54 (#5781548 - in reply to #5781449)
Subject: RE: Well Corn broke its range



South Central Iowa
I had a stop order on my $3.78 July at $3.84'4 and had it double so I would go long, but I removed that and added a few more shorts at $3.82. I am bullish on corn, but I think that it is only here because of soybeans and if they fall back 30-50 cents, corn will fall half, 15-25 cents. I think if it does hold up, the large amount of unpriced corn will keep a cap on it.

I agree there is little above to stop in, especially in the contract charts. Been using continuous on corn, and we are in our ascending channel over there. Look for resistance at $3.73 continuous high and March contract high of $3.87'4. Of course resistance and support should come from the channel itself; the bottom line will be trading $3.52-$3.53 March next week. I included a fairly weak descending trend line that would make my target if close above $3.69 today and we break $3.73. On February 1, it intersects at $3.86. On February 7, the upper channel line and the March high intersect at $3.87'4.

I think there is too much corn waiting to be priced and too much fund shortness right now. I think soybeans put corn here and soybeans can take corn down.





(CornCont.png)



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