Nah, although yesterday's reversal, following Tuesday's gap-up, was dramatic. I don't know if there's even a name for this candlestick formation with the gigantic range, to life-of-contract highs and huge body of the candle closing down followed by today's even-larger-body trading up (over there on the right):
And the headline story from AgWeb:
The Hueber Report
The Party I Over Already?
May 30, 2019
Is
the party over already? It seems that it really just got started. Both
the corn and wheat markets posted reversals lower yesterday after
gapping into higher highs for this advance, which would tend to be
viewed as a classic sign of exhaustion. Even though nothing has changed
in the underlying issues that have sparked this advance, considering
that July corn has advanced $.95 over the last 11 sessions and July
wheat $1.03, taking a little breather would seem quite
understandable. Add to this the fact that we have daily indicators back
into a very overbought position and teetering on the edge of a
precipice and you could make even the most ardent bulls begin the
question their faith just a bit. Do recognize, at this point these are
just warning flags and we would need to witness additional
follow-though for confirmation but even if that happened, I do not
believe it would signal a return to an overall bearish pattern as the
problems we have faced this spring cannot be undone.
I am on the first leg of my trip through Illinois, Missouri and Iowa
and coming down from Northern Illinois to Springfield last night, I do
not believe I witnessed a single field of corn that was over 5 inches
tall. Of course, that was only those that happened to have been planted
at all. While I fully expected this to be the case, it was still a bit
shocking to see and in the forty plus years that I have been in this
business, is nothing that I can recall, at least on this scale,
witnessing before....MORE
