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Central Missouri | I would agree with DJM on the 9.72 high in beans. Taking out 9.72 to the upside on beans will keep macd higher. Taking out 9.36 on the downside will turn macd lower. Corn and wheat macd are confirmed lower with yesterdays action.
Here is how I use the macd to market. If I wasn't close to 100% sold on corn I would be after yesterdays action. I expect a rall in corn sometime prior to July so when the macd crosses back higher I will buy futures to take advantage. If I'm heavily sold new crop corn I will buy some calls against it on a macd cross higher.
On srw I will be looking to buy futures for a long term play if wheat gets down below 4.50 on the nearby; when the macd crosses higher. | |
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Where are we now after today's report???
