AM Comments 02/13/13
Wednesday, February 13, 2013, 8:15 amSubmitted by: Dustin Weiner
Good morning!
Our markets are starting off down and dirty once again. You know you have hit a rough patch when the only positive news you can find is that corn has closed lower 8 days in a row and soybean have closed lower 5 days in a row meaning we are due for a correction/bounce (it can’t keep doing down, right?... right??). So far this morning it looks like we are shooting for days 9 & 6 respectively.
I think it is fairly safe to say the whole “Argentina weather scare” deal can be put to bed. Another round of forecasts came out last night reflecting improved (wetter) conditions for Argentina and Southern Brazil while Northern Brazil looks like it could get a break from a recent rainy spell – allowing soybean harvest to progress.
If you are trying to look at the charts to figure out where this downfall could stop… Nearby March soybean futures should have support around the $13.50 mark while corn…. well… Call it $6.78 on the March board as a support level. Not sure we can push these market that low, that quick – but with the recent downturn in price action – the charts are damaged and people are selling.
Currently
Corn is down 4 to 5 cents
Soybeans are down 7 to 10 cents
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