The investment seeks to have the daily changes in percentage terms of the Sharesa NAV reflect the daily changes in percentage terms of a weighted average of the closing settlement prices for three futures contracts for corn that are traded on the Chicago Board of Trade. The fund invests under normal market conditions in Benchmark Component Futures Contracts or, in certain circumstances, in other Corn Futures Contracts traded on the CBOT or on foreign exchanges. Weekly Dynamic Chart:
CORN has formed a "hinge" trading range. A 3-bar-balance break-out buy is above 19.17. Stop below 18.84. A measured move out of the hinge should approach 21. Daily:
It couldn't close over the selling bar of July 7th. It must have been some battle based on Fryday's trading volume. Still holding. Daily:
I keep it fairly simple compared to you, you dig much deeper than I. Just a real quick observation as I haven't really looked at this one before, this could be the start of a technical breakout?
My line keeps it simple and is based on a quick look as well. And my line is obviously the battleground line. I'm not clear what you mean by the "start" of a breakout.
Basically just implying that it just broke above the resistance line I drew in and the 200MA. It looks like it's up a little today as well, so it's holding the breakout and didn't just drop right back down.
http://www.agweb.com/article/3-thin...osive-summer-corn-rally-naa-ashley-davenport/ While the USDA’s Prospective Plantings report came and went, farmers are already preparing for what the June 30 acreage report will contain. In the March 31 report, the USDA estimated corn at 90 million acres, soybeans seeing a record high 89.5 million acres, and wheat seeing the lowest total planted area at 46.1 million acres. The 4 million acre decrease in corn compared to 2016 could be the start of a bullish story when summer comes. DuWayne Bosse of Bolt Marketing believes if corn acres fall by the next report and a weather scare is added into the mix, “anything could happen.” He told U.S. Farm Report host Tyne Morgan the funds are short in the corn market, which is odd for this time of year. If there’s 120,000 to 140,000 contracts to get out of shorts before they get long, a very explosive powder keg could be on the horizon. “You could have a heck of a rally, especially if you start talking a lower yield,” said Bosse. “We’re getting way too complacent with these big yields. We assume it every single year, and it’s starting to really bother me.” Chip Nellinger, risk management consultant and futures market specialist at Blue Reef Agri-Marketing, agrees with Bosse, saying farmers shouldn’t bank on another record-shattering yield. “There’s always one year that you break the cycle,” said Nellinger. “By the June 30th report, if there’s any hint of problems with hot, dry weather shaping up or any issues with production, with lower acres, that could be very explosive.” To get to the potentially bullish summer, farmers need to get in the field to plant. Wet weather has been plaguing the Midwest. Bosse believes the market could show the delay in planting by the end of this week. “We can get it all planted and very fast, but it could be a quick rally as much as next week,” he said.
Yeah, it's shameless I know. I also built a tower in the backyard whereupon I keep a continuous fire going and I hired some guys to beat a drum 24/7. Expecting heavy rain to break out in the Midwest this weekend to delay plantings. Hey JRich, you don't happen to travel thru the corn belt, do you? If so, any impressions yet on planted acres of corn versus beans?
To funny man. I really enjoy reading your post, have learned a lot from you as well. Keep it coming. Your drummer dude in the tower did one heck of a job, it's pouring rain plum over in the south to. Off all weekend, Onepoint, U DA MAN, whoop whoop..
I havnt been through Nebraska in about 7 years My territory is mostly beef, with a little wheat and cotton here and there..... I did happen to notice a substantial amount of cotton being stored out west recently... Bailed up under tarps instead of on trucks...... But I can't help you with corn or beans Beef looks good though... Seeing a lot of new calves and slightly less Bullwagons (cattle trucks) on the road
Still long corn. Drought in the northern High Plains is spreading. Moderate drought now in eastern South Dakota, North Dakota, and portions of Nebraska and Iowa. Drought during tasseling can cause an 8% per day reduction in yields. http://droughtmonitor.unl.edu/