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Central Illinois | Actually the 50% retracment from the recent high and the low made in June is $4.36. the high left Monday of $5.28 and the low was in June at $3.44 for Dec corn. the 38% retracement is $4.58 and the 62% retracement would be $4.14 which correlates close to the $4.15 level of the above post. Funds are still extremely long and yes I am friendly corn possibly to the $5.50 area but if we trigger sell stops on the way down lookout. These spec funds are after their return and if the report next Friday is not below 160 bpa nationwide look for us to turn into the cycle lows due mid-lat October on Beans and early mid-November on corn. | |
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Good Test Ahead
