Looking at charts we could see a flush to 9.72-9.73 by the end of Feb which sets up for a run to 10.38 by mid April. And if we have weather issues 11.10-11.12 is in the cards by end of June.
FWIW. I closed my longs out (in at 9.68 out at 10.14) last Thursday. Took a short position in overnights and closed it out this PM. So I am neutral waiting to see tomorrow's action. I may initiate a short tmrw and hold on.
Thee variable I see that will play on this market.
1. SA crop issues. Yes. No. Maybe. Big deal. Not a big deal.????? 2. Macros including dollar. Nafta. NK 3. Drought in west moving east. East Cornbelt flooding third week of April. Hot July and August.
