Your technical analysis must be the reason I am still long quite a bit of corn and none sold for 2011 yet either.
And if I am going to believe your techs now I better make a move on the next bump up.
Basis is still low enough to export corn from Ontario and that makes me think we should at least see a rise in basis. (lots of farmers have sold or are selling I guess) We usually have to import corn.
@GoredHusker wrote:If the highs have been set, my charts show we lose roughly 15-16 percent in here which takes us just below $6.10 futures. Then, we'll see one last rebound to within 3-5 percent of the highs before we begin to stair step our way lower. With this in mind and the corn in the bins, one would hope on the next rally that basis would improve enough to offset the 3-5 percent. This is just the technical analysis. The problem is the fundamental analysis which would have to include the Middle East and the improved chances of a double dip recession here as well as Helicopter Ben implementing Q3.
