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Next Leg of Rally, Perhaps

Published on: 15:42PM Mar 24, 2011

May Wheat was up nicely today, and looks to be headed to $8 unless we run out of May first (I'd expect the trip to go quickly, though).

If May Oats behave, they 'oughta' hit 3.82 or higher. I'd not be surprised to see them run out of gas in the 3.65-3.70 area.

May Beans have a not-yet-bullish chart. IF we go up from here, 14.56 should be reached.

May Corn is entitled to reach 7.64 (or higher), according to the chart.

New crop contracts look pretty bullish. Wheat thinks it is entitled to 956 or so; Nov Beans are not as worried as May, but worried and hoping for 14.42 Yes, that's lower than the May wish list, but I only read the charts, I don't make them or explain "Why." December corn didn't have enough of a pull back to generate a target. I suppose that means the sky's the limit, at least until the traders make the chart talk. I can picture two or three guys in an interrogation room with the chart. Add in the dialogue from any 1930s movie you can think of.