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South Central Iowa | The funds are the movers and yes, they increased. Will be interesting to add this Friday's with last to see what they did on a decrease of 35 cents probably through today. Barchart has a CoT breakout with large spec and I think that is just about as good of an indicator as anything; tracks the market perfectly.
I am of a belief that we are several months into a bullish cycle Palmtopper. I am looking at a range of $9.10-$11.85 for this season with high acres and decent to good weather. As long as we hold $9.10 this autumn, we are still in the valid uptrend and primed for next year. I am looking for $9.92'6 to hold through our weather season, although I will mention a major multi-year fork which helped form our bottom this year is at $9.75 on planting intentions day and could see a play off that if we are in the ballpark. I think that there is a snowball's chance in hell that we start a significant downtrend before May-June. If all is good by June, the attempted run at $11.85 could fall short and happen so quick it will make last summer's peak in corn look long-lived. If the acres aren't huge and/or there is ambiguity about weather; premium could hold for a longer period. If ambiguity gives way to a real issue, I am looking as high as $14.30 on the nearby. Those are my thoughts currently and will be unles something significant occurs. Chartwise, we are not even close to significant yet. | |
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Looking good to be long
