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Buxton ND | I did say "If we start breaking 3.50" below
Yes 3.47 is the line in the sand the must hold.
Sell stops under that level will make or break corn.
When important levels are broke, that is when new sellers step in, buyers in reverse. Sell stops/new sellers and hedge pressure ARE NOT a good combination the days prior to a report.
You may not like 3.18 and 2.90, neither do I,,,,, those are technical targets JUST as 4.50 was this past summer. When I first tossed out that 2.90 (the commit me to funny farm number) corn was roughly 4 bucks above and like I said above its A TARGET.
Now from yesterday's tough trade OI UP
17k corn
5 beans
25 ZW
6 KE
Haven't gotten MWE 's yet.
These numbers ARE NOT positive for us the US Farmers. NOT the COP numbers person,,, but I AM the other numbers guy and will never make a sale without knowing where they are and where things sit on the charts. This was WHY I made my Sunday evening post years end last year and WHY I was beating THE DRUM with 4.472 this summer no matter what anyone else said***** If you think about it,,, you will know why I've said "If you are selling grains, sell in small lots to keep pressure to a minimum pretty much ALL fall. WHY did I NOT say that last summer ??? Just think about that one for awhile ! ! ! ? ? ? Its not a trick or treat or beer,,, its LEARNING.
JP, I and some others have discussed either "A" flush or the slow bleed of our markets. So far its the slow bleed. A flush is tough,,, but at least we get it over and done with. A slow bleed gives the commercials/endures a another feather in their hat playing the waiting game with the farmers needing to sell for whatever reasons.
Grains ARE moving to town, been seeing this with my own eyes. Up here its just as much in January when its 20-25 degrees YOU HAUL and not wait for the -20 coming by next weekend.
Spreads are steady, if anything widen a tiny tad in corn to the back months, widening says grains are moving. | |
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$3.47
