We escaped the Spring and Early Summer without the much ballyhooed planting delays. Its June 9th, and some of the remaining grain perma bulls were touting an early freeze coming in late August?
The weatherman can’t even get past the next 72 hours with accuracy much less 72 days, in my opinion.
When its all boiled down, we still have plenty of time for some weather issue. Remember 2012? we were on pace for a big crack lower in corn, until Mother Nature turned off the water fountain after July 1st.
So is there still a possibility for a weather issue to save the bull’s […]
Written by Chris Robinson
Corn: July corn settled up 10 cents at $4.59. For the week, CN dropped 5 ¾ cents, while new crop CZ gained ¼ cent. CZ fell to a new 5-month low today, but then rallied back impressively clawing back 12 cents from that low to settle up 10 ½ cents at $4.57 ½. CZ posted a large outside-up-day on the daily charts. In the past 20 trading days CZ dropped 69 ½ cents, or 14%. The market vaporized 85% of its 5-month, 82 cent rally. […]
November Beans failded at 12.43 and again at 12.25. These two trend lines are long term and should not be ignored by bulls or bears.
IF SX can’t settle above $12.50 and turn the trend back to neutral/bullish, in my opinion, there is a lot of downside risk.
I’m not a dyed in the wool bear or bull, so if you don’t agree, please save the nasty emails. If you’ve read my stuff, I’m much more concerned about making $ versus being “right”. For now I want to sell rallies, but if we settle above 12.50, I’d re-evaluate my bearish opinion.
See Chart Below and […]