Spot month corn, CK has broken well below the support line in the wedge formation. Technicians will look at this formation from a bearish perspective. This considerable break out below portends lower prices. This formation could give multiple opportunities. Bull or bear, this gives you great targets for new positions.
March 11, 2015 Written by Chris Robinson Corn: May corn settled up 3 cents at $3.91 while new crop CZ settled up 2 ¼ cents at $4.14 ¼. Corn was higher overnight with soybeans, but didn’t get much follow though buying during the day session. Tuesday’s USDA was not a game changer in any way, shape or form. The trade continues focus ahead on planting intentions due on the USDA on the 31st which we get in exactly one dozen trading days. A third confirmed case of bird flu hit the news wire today. The avian flu is now confirmed in Arkansas, Missouri and Minnesota. […]
The March Dow dropped 307 points today. The S&P 500 March futures dropped 35 handles. Time for some perspective, which, I gather is a four letter word for some… 6 days ago we were at record highs… that was 18,270 in DJH and 2117 in the SPH. That’s our starting point. I’ll put the Dow chart below first. You can see that we might drop back down into “the box” between 18,000 and 17,000. Remember, at 18270, 5% is 913 points. So we might very well continue to “explore the space” in that 913 points. Hopefully that puts 300 points in perspective. Today’s low is […]
The March Dow dropped 307 points today. The S&P 500 March futures dropped 35 handles. Time for some perspective, which, I gather is a four letter word for some… 6 days ago we were at record highs… that was 18,270 in DJH and 2117 in the SPH. That’s our starting point. I’ll put the Dow chart below first. You can see that we might drop back down into “the box” between 18,000 and 17,000. Remember, at 18270, 5% is 913 points. So we might very well continue to “explore the space” in that 913 points. Hopefully that puts 300 points in perspective. Today’s low is […]
CZ is new crop corn. This is corn that has not yet been planted, but will start going in the ground in a few weeks time. This wedge formation is something to watch. A break out above or below could signal a good move for the next month.
Written by Chris Robinson Corn: May corn settled down 4 ½ cents at $3.86. New crop CZ settled down 3 ¼ cents at 4.10 ¾. For the week, both CK and CZ lost 7 ¼ cents. Corn posted its high in the overnight market and then trended lower all day, despite a brief 3 cent bounce into the close. No new fundamental news hit the grain market today as we continue to await the USDA on Tuesday. The trade is not expecting any big fireworks or adjustments with the average analyst guess for the US carry out of 1.826 billion bushels. The February USDA was […]
Written by Chris Robinson Corn: May corn settled down 4 ½ cents at $3.86. New crop CZ settled down 3 ¼ cents at 4.10 ¾. For the week, both CK and CZ lost 7 ¼ cents. Corn posted its high in the overnight market and then trended lower all day, despite a brief 3 cent bounce into the close. No new fundamental news hit the grain market today as we continue to await the USDA on Tuesday. The trade is not expecting any big fireworks or adjustments with the average analyst guess for the US carry out of 1.826 billion bushels. The February USDA was […]
Phil Jackson, the President of the NY Nicks was once known as Big Chief Triangle when he coached the Chicago Bulls during the 1990’s with MJ and the Championship years. I thought of him today because of the two triangles which have developed in both corn and beans. over the past 6 months. We are chopping around, attempting to set up for a bullish break out, or a bearish collapse. The Trend lines below outline the “triangle” present on the daily charts. Lets start with New Crop Corn; CZ… You can see the upper and the lower Trend line. You can also see how we […]