|
Northwest Iowa | Thought I'd give some tidbits of technical things I see going on. September corn is about to expire so on the weekly chart that I use (blu's is different), Dec will become lead contract next week and is trading higher than Sept. The weekly/monthly chart will jump higher. The weekly chart has a high and an old low in the 356-357 area so that is holding us back for now. Jump above there will open things up. Elliot wave would target an area in the 4.40 zone for now. No guarantees as always but possible as that is the highs established for the last 7 years. Overbought using stochastics so a setback could occur but we have seen the divergence( stochastics saying overbought but market continuing higher) continue for a while. Beans are climbing a wall of worry as they keep gaining on new highs for this move. It could be having a "running correction" that I have seen multiple times. Waves 2 and 4 in EW are corrective or against the main trend. Sometimes a market is so strong that it just does an choppy, in this case upward sloping move, as a correction. We'll see but beans look like they are a step ahead of the corn and may be starting a middle (wave 3) higher. I'll leave the target out for now since Market talk can be a little brutal if numbers are not on the button. Maybe if we ask real nicely, blu and DaveECPA will chime in.
Fundamental:Corn silage appraisals in my area are good and will mostly be in the range of producers APH. Hail and weed control can take some of that back. No beans done, yet but could be a very good crop. | |
|
corn and beans
