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Mascoutah, Illinois | I harken back to the 2009-2010 season if I remember the chronology correctly to a VERY BIG NUMBER in corn. $4.12 to be very precise. During this time period, we failed to break through this key level of $4.12 to the upside on six different trading days. The January USDA Report came out in 2010 and corn fell from $4.12 all the way down to $3.35ish on June 29th. On June 30, 2010 the bull run got started in the corn pit and by the fall of 2010 we ran right through $4.12 and were off to the races.
For those of you who got long in front of this report, you seem to recall history and used it to your advantage and it was a great trade. To all of the naysayers, until we breach $4.12 to the downside YOU MUST BE LONG CORN. A technical level of this magnitude (meaning $4.12) isn't going out with a whimper. It took six times to get north of it and it wasn't going to fall on its first test back to it.
Tara, I guess the longnecks are on your dime tonight. Congrats. | |
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Heading back up that cliff?
