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Mascoutah, Illinois | I am a seller at the open. Wheat up 21, corn up 7, and beans up 16 at 5:30am CDT. My price target in beans has hit and corn is a mere five or six cents away. I am committed to my targets. If the market rockets higher from here and holds the close, it only makes things sweeter. It is always constructive to sell into a rally.
I can live with being wrong if this market has quite a bit more legs. Just one month ago, corn was at $3.35 for September delivery and beans were hanging around the $9.00 area before the June 30 USDA Report. In my humblest opinion, this is a nice spot for some profit taking. I am not calling a top, just some rational sales today.
We haven't seen the irrational exuberance indicator yet which always signals the market top. We more than likely have some more upside as I type. | |
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I don't care if I am wrong today.
