May Corn Hit Target

Published on: 13:46PM Apr 04, 2011

 May corn managed 765 today, just beyond the 764 target posted March 24th.  That doesn't mean prices can't go higher, just that the estimate of minimum advance that was made when corn was 702 was reached.

Wheat, now at 791, is looking like it will reach its target of $8, from the then price of 740. Not so dramatic as corn.

Beans don't look so hot. They were the only chart of the four that was "not-yet bullish."

Even oats, the fourth member has shown a lot of strength, managing 387 today, way above it's projected 382.

It is possible that wheat reaching $8 will be the end of the bull market. It is also possible that the world is going to be looking at very expensive grain by December. As you all know, that is mostly in the lap of the weather gods.