Just a heads up, I'm not a commodity expert, but I'm keen to give it my best shot. So, keep that in mind as we dive in! Have you been tracking corn prices recently? You might've noticed a halt at the $7.15 level, a mark set last September and October. Likely, a lot of investors decided to take profits at this level. All this is happening just before Friday's...
After a long period of sideways trading within MJT and MNT lines , Corn is trying to establish a base for an upside counter-swing. A clear close above 508 will confirm it and clear the path for an extended rally. Today USDA will release the weekly export sales report which could be the catalyst that ignite this counter-swing.
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Lower acreages on Corn have provide an upsurge. Next upside target for Corn is above the 50 day moving average at 380'6 to test resistance. Looking for completion of a bearish butterfly on spring rallies.
Corn is setting up a bullish Gartley pattern. Went below two uptrend lines and stayed below. Bearish Thursday USDA report may see continued drop to 357'4.
USDA report sends Soybeans lower. Projecting fall to 98 area to setup a bullish butterfly, with the possibility to sink to 957.
March Soybean Meal up sharply on USDA report. Next target for bulls is the top of previous high at 331.6
Thursdays report came in today. March Soybeans up sharply with a bullish USDA report pushed down production estimates lower than expected. Changed pattern from butterfly to Cypher pattern with extension. Next target for bulls is in the 1060 area.
Actually it is nothing to write. We are waiting for tomorrow's reports. Magazines are full of wheat. Prayer for the severe winter is ... greatly appreciated. thepatternsite.com