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Northwest Iowa | Just for giggles, I put the 40 day MA on the May chart. Yesterday, it was at 4.73 and during the session had held the market. In fact, it looked like a (Japanese candlestick) doji was forming. Towards the end of the day a fire was lit and it surged through and closed above that average. Impressive. Many years ago, my uncle told me that traders would often use that MA as a trigger (stop position). 40 period on a weekly is a 200 day which is mentioned and important as well. Stochastics are overbought which suggests we should be cautious.. The weekly nearby chart looks constructive. That shows a strong rally off last late summer lows, a retest and support having been found-at least for now. Basis is improving in my area. Broker friend said his discussions show as much as 80%+ of the 2024 crop has been sold. "Market won't go up until the crop is out of the farmer's hands" is an adage that I have heard a few times. Party on, folks! | |
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Corn
