Opportunity Knocks with Next Week’s USDA on the 9th

Corn: December corn settled up ½ cent at $3.89 ¼ which is the highest settlement in 3 weeks. For the week, CZ gained just ¼ cent. One should note, however on the longer term weekly charts, this was the highest settlement in 2 months. Looking at the big picture, CZ has resistance at $3, 94 ½ which, coincidentally was Wednesday’s high. The next major high is just ½ cent above at 3.95 posted on September 15th which is a 2-month high. Conclusion? Someone somewhere is looking at that level, which happens to be the 38% retracement of the overall swoon from the July high tick […]