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South Central Iowa | The point of this is to give anyone who really wants to sell the best reasonable target tomorrow.
Well I got up and checked on grains and noticed we have a recovery from the Wasde occurring. Now this is night trade and it can change in the day, but we have recovered in soybeans from the report damage as of 1:15 am. On my chart, it has worked back into the zone between the 1/2 and 2/3 ascending speed lines. The rally has spent four days following those speeds up on recovery until Wasde reaction dropped it below to 1/3 and 1/2. The descending speed lines are the 4th iteration since the prior high. They are pretty weak and I think the 1/3 descending can be broken fairly easily at $10.61 tomorrow. I would like it to hold $10.56 through the night and after open. It isn't a big deal if it goes under, but need it to recover above fairly quickly if it does at day session open. The targets shown are the $10.56 at open, lower support at $10.43'4, and upper resistance at $10.66 area, primarily from a descending trend line on my chart.
If you guys want to sell any old crop soybeans now, $10.66 is your best target tomorrow. For new crop, I would use $10.34. $10.38 would be the target if we held the spread, but that doesn't seem likely. We have had several rallies since October lasting 8-10 days. We are currently on day 4-5 of this rally. That doesn't guarantee we go up further or even finish today up, but it is something to note. If you guys really want to sell something and are profitable, do it!
SELL TARGETS: $10.66 OLD CROP ---------- $10.34 NEW CROP
Good luck, hope it's your worst sale! Haha
EDIT: Don't blame me if it does break $10.66. If you read much on here you probably know I am long currently; so of course I expect it to go higher, but DON'T let that make you doubt making a profitable sale at the best reasonable price in a time frame you want.
Edited by Conan the Farmer 2/10/2017 01:56
 (Feb10SoyChart.png)
Attachments
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 Feb10SoyChart.png (103KB - 166 downloads)
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Soy Target 2/10
