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South Central Iowa | Trade looking at 10 mb reduction in U.S. Carryout to 410. World supplies expected to shrink 1.4 mmt. Looking for decrease in Argentina production from 57 mmt and steady on Brazil at 104 mmt. I wouldn't be surprised to see a minor increase in Brazil, but as long as it isn't big, I don't think the trade will care.
We are playing around the 62% fib of the descending move from $10.80-$10.17 which is at $10.56. I would like to see March close over it since it broke it. 50% is at $10.48'4 and we certainly don't want to see a close under that. Still playing between 1/2 and 2/3 ascending speed line as I have drawn it, which is good and in my opinion shows sustainable energy.
Hopefully get a good close near the highs and like you say Palmtopper, no surprises tomorrow. A good export sales number would help too. I had an intersecting trend line target at $10.95-6 on February 22. If the report and its reaction will be cooperative, may be a place we can get to. | |
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bean rally
