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Record nearby corn high?

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?



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Re: Record nearby corn high?

"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.                                                                                                                                                                                                                                                   

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Re: Record nearby corn high?



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.

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