it is slowly grinding down that way, they will more thank likely push through tommorow. Then 630 is next objective
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Corn Crash!
- Thread starter simpleton
- Start date
the more times support is tested it become extremely likely that we break it. but i dont need to tell the pros here that, i have 7.00 as strong support they are holding it up for tomm. it will be a big day tomm. Where do you guys have support on dec corn
Quote from Subdude:
How much of the corn rally in recent months would you attribute to the Midwest flooding, ethanol demand increase (which is clearly correlated to oil prices), and just general food price inflation, respectively?
In my mind, the idea of ethanol as alternative fuel is pretty retarded and is not viable long term. Oil may be starting a bit of a correction - too early to tell anyway. The full effects of the floods are yet to be seen. Of course, inflation is a serious problem, but in the end it tends to correct itself when helped by higher borrowing costs and general drop in demand due to slowdown of the economy. Are the fundamentals really there to support even these corrected price levels?
not true unless chineses peeps going back to eat grass roots
Unlikely. The date to watch is Wed. July 16th when the Senate deals with the half-voted resolution 125 by the House. Probably back to the House or rejected for continued turmoil. If voted, more clashes. Unless Reutemann's proposed reg's get the upper hand and replace the 125.Quote from caroy:
... unless the system in Argentina straightens itself out.
But I am having a hard time understanding your logic. If Argentina can't resolve their farm conflict, grain output/exports will diminish markedly >> supporting higher prices. If Argentina straightens itself out why will sell offs stop? This will mean more supply.
Problems in Argentina have a bullish effect on the soybean market - like today with news of more strikes in Buenos Ares driving the market up despite slow sales numbers for beans.
If the strike is resolved quickly then beans from Argentina return to the market as an alternative to U.S. beans driving prices and demand for U.S. beans lower.
If the strike is resolved quickly then beans from Argentina return to the market as an alternative to U.S. beans driving prices and demand for U.S. beans lower.
Quote from simpleton:
Of course that would work if you believe we are still in a bull market.
Bull or Bear Trends only exist on specific charts.
It is a physical impossibility for them to exist in overall markets because of the focus of the viewer.
A Monthly Chart of a paticular Market might be in a Bear Trend.
A daily chart, of the same market might be in a an extended Bull Trend but on an intraday basis that particular environment might be in an extended pull back (creating it's own Bear Trend).
3 separate people can all be making money trading trading each of those environments. What they all have in common is a single focus on the chart they are trading.
Quote from caroy:
Problems in Argentina have a bullish effect on the soybean market - like today with news of more strikes in Buenos Ares driving the market up despite slow sales numbers for beans.
If the strike is resolved quickly then beans from Argentina return to the market as an alternative to U.S. beans driving prices and demand for U.S. beans lower.
Caroy, if I may... I agree with this logic and it makes 100% sense. It is your prior post I do not understand where you state:
"Expect more slight sell offs tomorrow before corrections unless the system in Argentina straightens itself out."
Which sell offs are you referring to? Your assumption is "more sell offs while Argentina's conflict persists, if not, sell offs stop". But we agreed that the conflict is bullish for US soybean prices so I do not get what is being sold. About the only thing that should be shorted are argentine bonds. Help me understand.
An aside note, those news about new strikes are misinformation. Directly from the field. Yesterdays' railroad strike and the day before yesterday's problem at the Pink House (White House) were unrelated to grains. For now, and after Wed 16th no new road blocks.