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South Central Iowa | I am sure many of you are thinking of what your targets you want to fill on new crop corn since we have started a small rally. I made a chart for December Corn with five target orders that you could use on input if you like.
This is a daily chart. The first target is an ascending 2/3 speed line at $4.09'4. That speed line caught our high on last Thursday at $4.09'0 and by this Friday it will be at $4.10'4, but I would use the $4.09'4 if it is an order you would like to place for the week at the elevator. If we break the 2/3 ascending speed, I believe the next target is the summer 2016 high of the contract at $4.22'6. I don't believe that old high will offer much resistance if we approach it, but it would be a decent place for another order and it never changes. You could fade it a little if you really want it to fill and would be worried; so $4.20-22. The next target is a more important line, the descending 1/3 speed from the all-time contract high of $4.79'2 on it's very first day of trade to the all-time contract low of $3.58'4 on 8/31/16. This speed line has the ability to be our cap high and today it sits at $4.28'0. But I am using the July 5th as the price point, so target $4.27'2 and it is good through the 4th of July. The fourth and fifth targets I have is ascending speed line itself. $4.36'0 is the price on this Friday, 6/16, and $4.41'2 is the price on July 5th. If we are able to overcome that descending 1/3 speed line, I believe this ascending speed line will capture our high unless there is a drought.
Recap of Targets:
1) $4.09'4
2) $4.22'6
3) $4.27'2 (This will be toughest resistance on the Contract Chart)
4) $4.36'0
5) $4.41'2
Good LUCK!
Edited by Conan the Farmer 6/11/2017 22:55
 (DecCornTargetsJune11.png)
Attachments
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 DecCornTargetsJune11.png (74KB - 75 downloads)
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December Corn Target Array
