FOR THURSDAY: (3/16) We are ready to sell more grains if we get another push up over the next few days and also cattle if we can get in higher and use strength to continue hedging cattle the next few days.

JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/16) Short-covering with wheat should allow us to get more sold. Max. bounce to 377 with resistance 373. Cold weather is also increase feed needs and corn is piggy-backing on wheat. We sold corn on Sunday night at 372.50.
SHORT-TERM (3/13) Daily stochastics have crossed over issuing a sell signal. Pullbacks could easily to go key weekly chart support at 350-1 and if that goes, 336. Daily chart patterns suggest 321 into late April and early May if South American exports weigh on the market. Weekly chart support for May corn is key at 346.50. Cycle lows dominate into March 26-27. Usually the weeks before the March 31 USDA report are choppy. The market does seem to recover into the USDA report into mid-April but the late winter and early spring trade is still boring. We’ve seen so many conflicting weather forecasts for the spring that we’re not sure what to think. Given worldwide abnormalities this winter, some growing areas are likely to get impacted this year and support higher prices. Our own weather work had seen dry prices in June. Some forecasts are calling for a colder summer than normal, which is not a supportive factor. The chance for higher prices in June is pretty strong and we can probably do a typical hedge or cash sale there. We’re watching mid-June for now.
CYCLES OVERVIEW: Higher into March 17; lower into March 20-21.

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