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Mascoutah, Illinois | We closed today in December corn at $6.30 which was the low we reached a couple of days ago. The corn market is looking bearish technically. We are down four cents in overnight trading and without a close above $6.30 on Thursday, we are more than likely headed for the $5.75 low we made on July 1. The crude oil market is looking once again at retesting the $77.50ish level, and if we break that level I am of the opinion we are going to see WTI crude in the $60.00's. The bean market is in trouble also. We are probably headed for a test of $11.75ish and if it doesn't hold, we are looking at $11.20ish.
I am not trying to be a pessimist. I am just looking at what the charts are telling me at this juncture if you believe in charts and technicals.
Edited by djmcountryboy 9/28/2011 19:59
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Tomorrow is a HUGE day in grains for the near term
