Record nearby corn high?

[Rob SC NE]

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?

Rob

[Boarsnest1]

"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.                                                                                                                                                                                                                                                   

[sonoma72]

Rob,

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.