AM Comments 10/16/13
Wednesday, October 16, 2013, 7:59 amSubmitted by: Dustin Weiner
Good morning!
There is very little fundamental news in the marketplace to discuss today, the moves lately have all been technical (chart-driven) in nature. Corn has bounced higher the last few days, maybe on rumors about China in buying U.S. corn, but… when you look at a chart of Dec corn, it does look like we’ve put in a bullish reversal. Ever since CZ made new lows for the move Monday but closed higher – it has been steadily working upward. There is overhead resistance at $4.50 meaning CZ will likely have a hard time trading much higher than that. We are 6 cents away from that now.
Opening Calls
Corn steady to 1 cent higher
Soybeans 4 to 6 cents higher
No comments:
Post a Comment