Monday 16th MLK Day markets closed
Open night trade at 7 pm
Tues. 17th NOPA Crush
Friday 20th Cattle On Feed
USDA report out of the way
This is a supply rally NOT DEMAND
Looking for the seasonal Feb. break (ins. month)
1) India talking still about lifting wheat export ban
2) Aussies set to harvest a record wheat crop
3) Wheat vs. Corn spread at new lows
4) Arg. worst drought in 60 yrs.
5) Brazil sold beans to Arg delivery in Feb-Mch. only 4th time in the last 11 yrs.
200 day ma. 678.25
if we take that number out I look for a rally to
688-693 as targets.
Sup at 671 and 665-662
parabolic number is 677.25
Last weeks range the half is 662.50
4 week avg is 664.50
Res: 610.75-602.50 and then 608-613
Sup 593.50 and 590
Last weeks range the half is 591.50
52 week avg is 1532.75 Last yrs range the half is 1544.25
Close above that imho 1590-1594
Last weeks range the half is 1503.50
Nov. beans Res 1402-1409 and then 1432-1436
Sup 50 day ma 1389.25
100 day ma 1375
200 day am 1366.50
4 week avg is 1402.75
Hope some of you read my March Corn info I sent out the day before the report. This week CH closes High the last 10 yrs. 60% of the time. Watch to see if rains that are forecasted in Arg. cometh and how the market trades. Great action would be lower and buyer step in. To me that indicates the rains are too late.
Please use this rally to buy puts or make old crop sales.
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Scotty Capinegro DBA
Branch office HighGround Trading