Corn market bounced on short covering!
Feb 23, 2009
Today the corn market is bouncing on short covering due to an oversold condition. I would have preferred a little more weakness early this week then we would be able to support strength into the end of the week. Right now the market really wants to start moving higher. The problem is the negative outside markets and the big supplies being held by producers.
Things to do:
Please remember, I’m not really excited the level of upside price potential but I do suggest it’s time to stop being negative and allow ourselves the opportunity to participate in a modest upside price bounce due to strong farmer holding and some potential spring delayed planting weather scare.
- Get basis locked up now for any summer or off-the-combine cash sales.
- Start scale down buying of speculative buying program.
Special note: I will be at the Corn Commodity classic at the Farm Journal Booth. Come on by and say hello. We will be taping a segment for U.S. Farm Report. As you know, come early because seats go fast!
Starting next week it will be my intent is to start talking more about the outside markets, specifically gold and bonds. Long term, I believe there is the potential for major speculative opportunities ahead!
If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at email@example.com or firstname.lastname@example.org.
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