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01-13-2011 11:32 AM
Technical special here today points out that with March corn today hitting a fresh contract and 2.5-year high of $6.42 a bushel.
the bulls got some good follow-through buying on Wednesday's gains.
The anaylyst points out that a 6.5-month-old uptrend is in place for March corn, with prices rising three bucks from June 2010 low of $3.56 3/4. "
"The next upside price objective for the powerful corn market bulls is producing a close above chart resistance at $6.50, basis March futures. Above that lies major psychological resistance at the $7.00 mark. The record for nearby corn futures was scored in June of 2008, at $7.79....
Think this thing will get there?
01-13-2011 11:50 AM - edited 01-13-2011 11:53 AM
"Think this thing will get there?"
Rob Yes I do Rob. In my opinion $7 is not major resistance at all, $8, yes. If there were to be a drought in the breadbasket this year, Katy........................ bar the door. Rationing must occur. We need a good planting season, a good crop, we need that national 175 bushel crop.
01-13-2011 04:16 PM
I do think we get there, and I offer only a simpleton analysis. I remember 2008 well. It was a fertilizer and input fiesta, only to have the bottom drop out in the fall, so... I discovered the joys of a corn bean rotation, never to return to continuous corn. How long did it take me to figure this out, too long. My stress load has dropped like a rock, and so have my upfront costs. There is no price of corn that will tempt me back to continuous corn, because beans will follow close enough ( i hope). Ridiculous logic, perhaps, but I reckon there are more than just a few guys in this camp, that and I am extremely stubborn.