Wednesday, March 14, 2012

Corn at the Top End of Recent Trading Range: Pop or Dro

I don't know about this one, there is a lot of planting being planned.
Plus, La Nina is in the La Nada neutral zone so the Interstate-35 drought may be abating.
The front-month futures are down 4.75 cents at $6.5775.
From Dragonfly Capital:
Corn ($ZC_F, $CORN) has been moving sideways and lower for about year since the doubling of prices from June 2011 to March 2012. Looking at it on a shorter timeframe it looks ready to make another run higher.

The chart above shows the strong level of resistance at 666 since October...MORE