Corn acting well. Corn is still acting well. We were able to take off half our position this AM. We didn't quite hit our first target at the gap fill but captured some decent profits. IF price closes inside the descending wedge we will be out for a small loss and will look for another set up. Stay tuned!
Soybeans
Corn working wellCorn is working well. As an FYI this (ZC1!) is the continuous contract and is priced a little different than the DEC contract. However, the patterns are still the same and they are both working well. We are still long and looking for the gap fill (on continuous contract). We could see some sideways to down movement over the next few days before we start to see another leg up. Trade well!
Head Fake HarryAnd there she is! After the crop report the boys decided to give a little head fake and run the stops of the weak longs. Now if we get above the 362.2 we could see a nice squeeze would could pop us. We are long and will be holding for the gap fill. Understand we are not fools at OFT... we can read. We understand that the agency is calling for a record 14 billion bushels of Corn which could weigh on an already weak market. This is why we weigh our risk first. We feel this move serves us well. Only time will tell. That's trading. Stay tuned and trade well.