A settlement above resistance at 14.79 would get me out of my shorts. We’d be taking a 15 cent loss from our sale average at 63. I started selling it at 55 and sold last at 70. Downside profit objective would be a cover at 14.25. Trying to make 40. Risking 15. That’s 4:1 risk reward I look for.
Today should be interesting. Crop conditions dropped by just 2 percent. However, funds are long beans and short corn.
They will push their winner long in the beans, and may have to flip out of their net short corn position. CZ could very easily rally back up to 5.65 and still be in a down trend. Don’t get bullish corn until we take out and settle above $5.75.
Stay disciplined. That’s about it.
CER