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Mascoutah, Illinois | I took a long hard look at the December corn chart today. (Just for Dvswia because he loves charts. LOL) I see we have bounced in overnight trading off of a key technical level of $4.32. I have been clamoring about the highs being in until the end of November and I am going to have to eat crow if my observations today are correct. I believed $4.39 in December corn would be the top until the end of November. Upon further review, I believe I am going to be wrong by a sizable amount.
If the chart projects out the way I believe it is going to in the December contract, I believe we see $5.10-$5.15 in the third week of November 2010. I believe our next move higher is somwhere in the $4.61-$4.67 area by September 16-20.
With that being said, we will probably see $3.75 the third week of November and the hate mail will be pouring in.
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December corn
