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| Reversal is still intact.....in my opinion market testing good support between 3.98 & 4.00 vs CU is not a bad thing & a move back higher from here would confirm the bottom. Algos have a tough time digesting anything other than rain & crop conditions. As we all know there are many other variables to weigh in ....just because its green don't make it record.
Right off hand, I'd say N leaching will be a major problem for some, not to mention I have talked to several pivot irrigators who lightened up there N applications through the pivot....attitude is "good money chasing bad" I would imagine we'll see same attitude toward fungicides. I could go on, but we constantly forget that there was 3.6 million acres of corn to plant yet in the June acreage report .....how many got planted ? Don't know ....we know government trimmed off 600,000 acres in the July S&D ......Everybody gets bearish at the bottom. Let's hope for better days ahead. | |
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Reversing the key reversal
