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Mascoutah, Illinois | Mike, we have quite a bit of support in March corn @ the $3.80 level but I don't think we hold that level. We may bounce off of $3.80, but I do not think it holds. (I think you like the $3.70 area on the 50% retracement move.) My opinion is we trade down to the $3.60 area which I believe we will see much sooner than later. If we don't hold $3.60, $3.20-$3.30 is in play which was the late summer early autumn lows. It would be extremely constructive to see that level. Why? Every long will be shaken out which is a blessing if you are looking for a meaningful rally. If we do see sub $3.30, I think $4.50 is in play for sometime this spring.
If you are putting me on the spot, my call is $3.60 in the March contract. If I had my way, I would like to see us below $3.30.
The bean charts look scary and I will need to do some work before I put any estimates out there. | |
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Why all of the crying after today?
