Monday the 6th / Could be first condition report?
Not a big mover
Is rain making grain? Bull ran out of news. Funds trimming some length (risk off).
So far June weather is NOT what the weather Bull whats.
Still many moving pieces to price discovery.
Dec. Corn the day we went thru $7 we haven’t traded there again.
4 week avg.
July corn 765.50 and Dec. corn 724.25
July Beans 1663.50 and Nov Beans 1499.50
The half of last weeks ranges
July corn 748.75 and Dec. Corn 705.75
July Beans 1711.50 and Nov. Beans 1531.75
Dec. Corn yr. Low to High retracements
38.2 % 680.50 50% 654.12 618% 627.75
20 day ma. 727.25 50 day ma 721.50 and 100 day ma. 661.25
Nov. Beans yr Low to High retracements
38.2% 1451 50% 1417.25 618% 1383.50
20 day ma 1506.50 50 day ma.1494.75 100 day ma.1454.75
We should see a bounce back (summer weather rally)?? Highs could also be in for the yr. So one of my rules is the market gives ya one more chance.
Rallies might see fund liquidation and producer hedging. Time will tell BIG report at the end of the month.
call with any questions
Scott Capinegro 800-942-1513
Branch office HighGround Trading