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Veteran Advisor

Next resistance for May Corn, Beans

523-530 -- from swing high last August....then bottom of gap 555 if really strong...

 

1530-1540 -- gap from last summer....1630 -- summer highs...

 

looks like wheat has more consolodating to do--might see 665 area as good buy level..........

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Senior Contributor

Re: Next resistance for May Corn, Beans

Thanks c-x-1

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Veteran Advisor

Re: Next resistance for May Corn, Beans

you betcha Slim.

 

another thing about wheat is Monday will mark Gov't (NASS) first spring crop conditions....in a similar vein as folks acknowledging the reality of markets responding to monthly or quarterly USDA reports (regardless of how accurate anyone thinks they are)....

 

--there's something about the official-ness of them --like students responding to the principal's annoucements over the PA in grade school...while the state conditions have been somewhat known, Monday will be a federal mark which may get this market going again.

 

I was looking up last yrs first couple in Apr...10 - 20 -- VP - Poor (pretty bad, historically)....I don't know what to expect relative to 2013, but it will be a reality check, nonetheless.

 

i also compared last yr-same week- on the STAR sat. picture and we're still a little LESS green this year in same southern areas, esp in Tx...

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Honored Advisor

Re: Next resistance for May Corn, Beans

MARKET COMMENTARY April 01, 2014

 

Raymond Jenkins

 

The funds were back to push corn and beans higher again today, with the higher overnight trade a “good omen” we could see more green on the screen.

 

If you think back to about 10AM on Monday, we have seen May corn futures go from 4.755 to today’s high of 5.125, just a mere 37 cent move from low to high.

 

I know many of you had $5 price targets, and sometimes when things are working in your favor faster than expected, it is easy to take a “marketing time out”. If you find yourself in that situation, I suggest you reduce the size of your sales but continue to make sales along the way.

 

We are starting to see some $5 cash bids for delivery after the first of the year in 2015. I don’t know if all the talk of sub $4 for real, or just based on the fears of the market, but getting a shot at selling for a $1 over those lower levels seems prudent for some of your production---and it is well above the crop insurance spring price as well.

 

“I want my money back”! Let’s say you made some sales between $4.50 and $4.85 in the past month, and would like to nudge that price closer to $5.

 

Consider using a premium offer to gain back some of that value. The following offers are based on the December 2015 contract with expirations in the last half of October, 2015. The 5.00 strike will add 30+ cents and the 5.20 strike will add 25 cents based on values which were trading earlier today.

 

Check with us for the latest prices, or give us a specific strike and expiration date that suits your marketing plans, and we will have our wizards customize a quote.

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