| Joe R - 1/24/2024 17:51
To answer the question in the title……no, corn lows are not in. That was a doji bar today, but not a gravestone doji. Beans are still overpriced by 1.50-$2.00
Ok. Let’s rephrase the question. Will we see new lows in march corn before the end the month? How about by options expiration?
Are new crop Dec corn lows in? My guess would be that without weather issues we see the markets perform traditional seasonal pattern. Go up during planting into June……then sell off in Aug with new lows in Sept
But with some luck I think we have more upside potential if the right cards can get drawn. Namely we need a weaker US dollar, weaker interest rates, increased Chinese demand, a smaller Brazil crop, ethanol demand from SAF to increase, and the funds short a massive amount, with an American Farmer that has cash and doesn’t need to sell
It doesn’t see possible at all that we could have 5.50 Dec corn, but I can see a potential path that we spike higher then that should a couple of the right cards get dealt at the right time
Keep in mind that volatility and chart movements tend to try to repeat themself
Now i have always tried to point out what could help our prices, dont by any means think that means I am a perma bull….. I think we have plenty of risk to the downside should the wrong cards play out and we get a good growing season. |
Corn lows in?? Market audio comments
