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Buxton ND | Never the da 50-200 either, I look for golden and black cross's on the moving averages. Got rained out early afternoon another .4 tens we didn't need,,,I'll donate may rain to Iowa boys.
Just looked at fund numbers,can see NO reason for corn to rally at this time,,, contract lows are a much better bet then testing $5 any time soon unless there some UN-foreseen news. Action since Tuesday's cut off date points toward new net selling,hedge pressure since the report as IMO those holding out for a bullish report (index funds) jumped on the bearish wagon. Funds adding net shorts as harvest starts points corn lower, MA are moving lower on corn,daily and weekly.... $4.50 IS the point to hold, next 4.15ish if that breaks,,,,,,,,,,,,,,hedge pressure as funds are still willing sellers they will try to target the 200 day (month) on the monthly corn chart.
Weekend rains,its ALL not dead yet,weekend hedge pressure,their not just sit on your corn for the fun of it. Could make Sunday nights opening UN-pleasant for the bulls. As you can tell the report did nothing for my bull side.
If this corn market gets nasty,selling pressure on other grains in general to cover margin calls in long corn could very well pull down on even beans whether yield is 37 or 43. Everyone seems to be bullish beans but yet they can't seem to close ABOVE 14 and have made 2 lower highs. Add in late season rains helping beans (remember 2012) adding bushels.
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charts posted
