Posted 5/22/2020 15:38 (#8273675 - in reply to #8273603) Subject: RE: Any Rally Predictions?
Way different mind set going into that report.
I have no idea what it will say or the trade reaction.
But I think corn cn can get to that 335 area, just based on we are getting back to going, oil has gotten off the floor, summer usually most usage. And Funds are sooooo short when they decide to cover some of those it could be a decent move, whether fundy warrants it or not. Now funds and everyone else is laying and waiting to hammer CZ if it gets too high and growing conditions still seem adequate. Funds want a good shot at CZ at higher price too, which would back up they will cover some shorts now to achieve the higher price and room on the books to sell again.
Just look at last 2 days trade. Corn just watching as soys and wheat moving down. And I don't think went under 316 CN.
If we can get the world relations in order especially China and they start buying, Soys could have a story and at that time I could see the funds decide that is the point to cover some corn.
China could buy some corn even.
The world uncertainty has so many traders cautious and snake bitten, rallies are met with selling. Because of this we could see a good run on soy or corn if this mental barrier is broken with some technicals and fundys to back the move up.
Soys and corn I am more bullish than bearish for June. (cautiously)
Wheat I think has some upside yet 15 - 20 cents, then I think it may hit some real pressure. Especially KC July.