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Boone Co. Iowa | I think this is a good spot to try it.
my charts showing that the West Texas Crude contract 100 day and 5 day moving averages just crossed over to the positive. Lots of support in commodity (OIL) market at this time imo.
Last time crude made this positive cross was July 12, and we had a big run in corn and bean prices then (July, and drought, etc. but still).
Bean chart has support at this level going back to last summer (lows) from this area too.
This commodity selling is overdone and we should get a decent rally. I'd guess we get at least a dollar or a dollar .20 rally in beans back to the chart gap....
Thanks for sharing.
Corn exports going better than expected. This corn market is overdone. Ethanol plants and local co-ops fighting over corn ownership at this price(s). I got a call yesterday from local co-op - "Free trucking if you sell me some corn."
Called ethanol plant last week and asked why co-op was bidding higher than ethanol plant for my corn. Basically, reply was "What they hell? They owe me corn at price X, and they are paying you Z? That isn't right.....You can sell through them, but if I shut down co-op deliveries, you won't be able to deliver to me."
If you want to sell, good time to get on phone and negotiate basis!
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Going long
