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Ontario | We had another strong strong close on Friday. (As was the case the Friday the week before.)
Dec. Corn held and closed above the small peak at $4.05. (Set March 17-19,2010)
This sets it up to touch the triple resistance at $4.14. (Set Feb 26-March 3, 2010)
Then there is the gap from $4.17 to $4.37.
DJM from his study of retracements believes we will top out at $4.20 in Dec. Corn.
I have a increment sale planned for $4.14. Then another if we stay above this level at djm's projection at $4.20.
I may also put a market order in for the $4.37, as the market many times closes gaps.
Right now I feel it is the world market, world demand which COULD drive Corn to these price levels. No rain in China for the corn, Russia for the wheat. 8 to 12 million acres of wheat unplanted in Western Canada. Reduced USDA numbers, with nervousness what the corn crop will be this year etc.
Maybe its wrong and there is a great crop out there. But thats how FUTURES markets behave, and will trade technically, until they feel they have done there job.
Its the old adage, Cash Croppers should try not to sell when its low, unless they have too! Livestock should lock up some grain if they need it when its low. (And vice versa when prices are high.)
As with all the other post on Ag-Talk, the opinion is free, so trade/sell/hold accordingly, this is just my .02 as the original post asked for!
Honestly though, I think some of the free advice on this forum is as good as the stuff you might pay for!
Edited by farmer in ontario 7/18/2010 11:05
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My .02 { where is yours )
