With our move below the 931 1/2 trend line in SH, moving down to a fresh multi-week low at 926, that trend line will magically become resistance. Look to sell that 930 level, risking 5 cents.
The charts look terrible, and the 908 level would open a test of the 900 and the 888 old Oct 09 low.
If China starts pulling its bids, with the restrictions on their banks over there, we could really see the air let out of these tires.
South America is into the teeth of its harvest and we could see further weakness through the next USDA number on March 9.
If you can’t tell, I am bearish.
This could also trigger the final puke of the spec funds of their CH positions. Commitment of Trader’s report last Friday showed that they have gotten out of half of their longs. If we print 350 in march Corn, it could be Katy bar the door.