01-28-2013 01:57 PM - edited 01-28-2013 01:58 PM
The lastest storm dropped very little precipitation across upper midwest with IA getting the bulk of it - between .25-.50 in
Looking out on the 6-10 day-cold East of the Mississippi-warm west of that (70'S as far north as N. MO, KA, S. IL - today ) with rain chances being confined to N. Dakota, N MN, U-P OF MI..........SO not much relief yet.
For the trend traders could be starting next UP leg now/very soon - long the Corn and Wheat, with Beans remaining very choppy providing Many day opportunities now with an upward bias. We may be able to sell into 1432 area - but look for continued chop and scalping oppty's
CORN- For the short term traders i have a clear signal to sell now for an objective to 713-710 - then REVERSE to longs
WHEAT- buy in 770-768 area.
BEANS- take short term trades between 1450-1430 area - I'm abandoning idea we can sell to 1410 area for now.
more in a while,
01-29-2013 08:00 PM
The ice berg has many tips,here in the PNW winter wheat is not finishished being planted,with the change over to spring varieties not over two weeks away. Some of the winter wheat that was put in anyway in muddy conditions probably with a big fat ins. on it,I would not have. Springs usually will only perform 75% of winters,but usualy the cost of inputs are generaly less.(Just annother case where mother nature is not cooperating this year!
01-29-2013 10:08 PM - edited 01-29-2013 10:17 PM
2100 hrs- yes cat sell to 1447-1445 don't think she's bust'n yet...just for scalps....but i'm not buying 1445 either. wait for morning on this.
what time frame do you mostly trade in?
spreads are getting weaker so this could be expanding triangle (#2 elliot) that does take her to 1410 area....