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Corn breaking out to the upside?
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frytownfarmer
Posted 11/27/2012 10:18 (#2719351 - in reply to #2719211)
Subject: RE: Corn breaking out to the upside?



Frytown, Iowa

corn we have not broken out of consolidation yet... short term resistance yes...  my personal thoughts are we see a tripple bottom in this consolidation meaning corn runs out of steam at 7.65-7.70 and heads back to support before heading higher...  because the 50 day is leveling out and does not look like it will run into the 200 day i believe corn is still bullish... a tripple bottom is very bullish as well.. 

we need to see meats head higher as well to truly send grain higher...

soybeans need to buck up and we have seen major short coverings in the high 13s... soy needs to rally and hard or the 50 day will cross the 200 day and that always means the chart is headed lower in the next few months... my guess is we rally hard to $15 breaking short term resistance and keeping the 50 day above the 200 day... soy needs to start bidding for u.s. acres soon...

my guess is that if soybeans get knocked down again to the 13s here in the next month the 50 will undoubtably run into the 200 day and we will see lower soybean prices for the next 6-8 months... kind of a turning point here... watch that resistance line...

my opinions only... 





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