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South Central Iowa | Here are some points I am looking at in Corn.
1st chart is December 2017. The black speed lines are extant while the red is not yet, but will be if we break $4.00'2 tomorrow. The black one was created on Friday and the 1/3 line was confirmed as the high today. The prior speed line which is not included was the open of Monday and held as support at the close, with settle and last both above its 1/3 line. If we can get another good day tomorrow, look for $4.03'4 to be the high, or even better the line to break. I am looking at support from the 2/3 ascending at $3.97'6. Also look for support from a horizontal line based off several different prior highs dating back to spring 2016 that I draw at $3.96'4. The highs were not all $3.96'4, but there are many that hover around that area.
2nd chart is May 2017. Probably a lot of elevators will be rolling to it soon. I don't chart a lot of resistance above us until the old summer bump at $3.91'6; which would be a 9 cent run from here. Immediate support is from a descending 1/2 speed line at $3.79'6. That price is for tomorrow while all of the other price bubbles are on Friday.
3rd chart is the continuous. I normally prefer the continuous, but it is pretty messed up right now because of the roll with that big carry. You can see that with my orange arrow. Only relevant part is that the upper channel line may transfer resistance into the May contract at $3.89'6. This one might mess up my channel and the continuous may take some time to heal and look normal again. That's a bummer because I really liked that chart. It's been very relevant and good to me for 3 months. Oh well.
If you guys really want to sell some new crop corn and want to be a little pickier on the price, which you should be at this time of year, I say use $4.03'4 as a target. But I personally am not interested in selling physical in the price area at this time of year. I am keeping the charts to find a good place to exit of my longs, make a spread, and/or take a short position for the next swing.
 (DecCornFeb13.png)
 (MayCornFeb13.png)
 (ContCornFeb13.png)
Attachments
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 DecCornFeb13.png (103KB - 92 downloads)
MayCornFeb13.png (93KB - 74 downloads)
ContCornFeb13.png (93KB - 82 downloads)
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Corn Targets and Charts
