Ah the joys of trading agriculture :)
Dow Jones - CBOT corn futures are firmly planted in negative territory, as the market extracts weather premium from prices, analysts say.
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2 comments:
I don't know, smells like a buying opportunity to me! Bottom line, normal planting is at 18% by now, and we're at 4%. How many posts do you have referring to there being "NO WIGGLE ROOM" with this years' crop. I don't know, I'm in this one for several more points. I'm setting profit objectives for Dec contracts up around 650-670 based on fundamentals and technicals. I loved the pullback yesterday! How far up should we ride the rice wave? I agree with you, and I love the Gart-man, but bottom line is, rice supply is low low low. I just read the Hightower Report where they are predicting that the June contracts will touch upwards of 28-30. Thoughts? Dreams? Nightmares?
Good points Pharmer - let me humor and gaze into my crystal ball :)
Not to sound too cliched, but I'm thinking we ride the wave until we see it crashing into the beach. It's tough to quantify when things are going parabolic like this - but when it turns ugly (and it will at the end) - better to get out early than too late. But no way can I sell now into this solid uptrend. I also couldn't open a position here, so I'm just thankful we've got our positions in place.
For a wild long term prediction - I'll go out and say rice has to go to at least 50 before it's all said and done in this secular bull market. But that doesn't mean it can't or won't go back down to 20 or 15 first, of course!
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