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SE ND | Always a possibility, but price action suggests that this last push lower couldn't confirm and that this last pullback is a possible retest of the LML. Doesn't matter what is thrown at it, if it doesn't have the energy to go there,it won't. Same with beans, all we heard all year was big acres, big yields, trade wars, and yet it couldn't make new lows. If it were in a different context it may have, but it doesn't have the energy to do so in this one.
Something is going to give in corn. Sellers keep pressing it lower, but haven't confirmed. Either they confirm and drive it lower, or buyers show up. Anything other than new lows keep the door open to a larger move. | |
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