Chris Robinson

Corn: May corn settled up 4 ½ cents at $3.78 ½ which is the highest settlement in 4-months. For the week, CK gained 16 ¼ cents. New crop CZ settled at $3.88 ¼ which was only a 3 week high settlement. For the week, CZ gained just 2 ¾ cents. The funds came for it this week, driving May higher. However, New Crop CZ continued to be un-able to breach the $3.90 level, failing there for the 9th time in the last 2 months. Word of a sale of 344K MT to “unknown” was supportive. Also supportive was rumors that China will delay its old […]

7 Days ago, the wheat market popped higher,  in fact, from the low to Monday’s 6-week high, the contract rallied 37 cents. Today we’ve had a sharp sell off, after trying to rally higher.

The funds look to have added to shorts in wheat. The 8-month T-line, shown below in WK and WN,  illustrates how these longer dated t-lines can come into play.  If we were to settle below that T-line for the week,  both bears and recent longs would have to re-evaluate their positions.

This chart shows how the market tends to “rally up the staircase”, but corrects by “falling down the elevator shaft”. […]