New Crop 2013 Dec Corn settled below $6.00 today. This is the lowest settlement in 4 months.and opens the door for a test lower down to a test of $5.88 and then $5.70 Why 5.88? Tis the 1/2 way point from the big summer drought rally. The settlement below the round number at $6.00 will attract fresh selling, in my opinion.
To refresh. The low on Jun 15th was $5.11. We then rallied all the way up to a high in Sept 9th at 6.64.
Be patient. A dip to 5.75 should be the area you want to cover shorts and/or initiate long speculative positions, in my opinion.
WN13 wheat posted a 4-month low today, settling well below the psychologically important $8.00 level. I want to cover shorts between 7.75 and 7.50, looking for that flush down to 7.50 as a buying opportunity.
Time Stamp it.