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Northwest Iowa | This is what this site is all about-enlightening others. With JC's comment(not sure where the 38% is) but on the weekly chart we hit within a few cents of the 50% retracement. From low at 7.80 and high of 16.77. 12.28 was the number. We hit 12.31. Pretty close. Techies consider that to be a possible terminal area. Timely as well since this is a time when we many times see harvest lows. As mentioned possible reversal starting. POSSIBLE. Needs to close over 12.40 to alert some bears that it is time to cover. Slow stochastic is oversold on weekly and daily charts. I looked at charts over the weekend. Soybean oil has been the leader in the bean complex. Most times, the soybean move is tame when oil leads as meal is the larger amount of the crush. If/when meal gets some legs under it, it could be interesting. Not all commodities run together. Overall, the Goldman Sachs Index is in an uptrend. Shining stars are cotton, spring wheat, oats and crude. Lean hogs attempting(counter-seasonal for them). Cattle and meal have been the dog. | |
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38% retracement in beans
