We’ve now had a 13 cent pull back off of the highs in Jan Beans, and a minor correction off of the day’s rally action in corn and wheat as well. As we head into the close, I would look at the 986 level in SF, as it was a recent high.. If that can hold, then the rally remain intact. We have seen some hedger selling coming in to take advantage of these higher prices, and as we got closer to the ten dollar level in the Beans, the hedgers showed up. We will have to see if the fund money can overcome the hedgers this afternoon, or if we will have a wild ride back down to the 970-960 level…Honestly, with this volatility, as we move around in today’s 35 cent trading range, pretty much anything is possible.
Gold and Silver have seen some profit taking off of Gold’s new high this morning…
The stock indexes are lower, with DJZ playing around the 10,200 level, a hundred points or so off of its recent highs…
SPZ is also down around 7 handles to the Dow’s 60 points…
Going into the weekend, you may have some profit taking, and therefore some downward price pressure over the next 24 hours.
Good Trading