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Northwest Iowa | Just an opinion, folks-- May Corn is getting ready to have a sharp move! Which way? Yes, a sharp move. I'd say higher from normal seasonal tendencies. Probably around $.25. Overall, according to some stuff I have read through the years, the market won't get really interesting until old crop is off the board, so either in Late June or by mid-July. That goes back to the trend we saw in January, with the high early in the month and the weakness later in the month. Soybeans have had an initial rally and recently a deep correction. In Elliot Wave count, Wave 1 (up in this case-about $1.15/weekly, $.99 daily) and trying to confirm a Wave 2 (lower). Even a double bottom would not be uncommon in beans, but the deep correction has a purpose! To keep everybody on the toes! Neither bull nor bear feels comfortable and both sides are nervous! | |
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Corn and bean comments
