Formerly NE North Dakota, now NW MN | Guess I also locked the futures on a small portion of an old crop basis contract I am filling up town. That cleared at 6.21, mwk4.
I do no, when I got looking at charts today... It made yesterday look like an anemic bounce by a way oversold market. We aren't even challenging minor resistance lines, let alone major ones. There's probably 20, maybe even 40 cents tone had in alot of these markets as they break free and challenge major resistance, but man..... There's some downside there too.
Here's my take. Old crop soys are on an island. They have the potential to be interesting. Everything else, I think new crop soys is the leader, because that's the only commodity that has a chance at being tight. We need to push through and close above 11.15, and then I can take this bear mask off for awhile. Maybe even roll out of some hedges. |
Off the Wire
