12/1/2020
Dec 01, 2020
News is very quiet and the markets continued fade into the close today. March corn broke the 4.23 level today, but hung onto the next support level of 4.20. Ultimately there is a chance we could go down and test the 4.00 level, but that would take a widespread rain in South America. Beans look destined now to test that 11.38 January level I mentioned yesterday. Bean exports have slowed and the exporters seem over bought currently as no more new business has showed up for a while. The market hasn’t had more than a few day setbacks in months. Is it time we do now? The last set back we had was during month end in October and continued into the first couple days on November, which was about a 42 cent pull back, and then we blew up into new high levels. Are we setting up for the same thing? We are about to find out for sure, but my gut says 11.38 is in play, which is a healthy correction in my opinion. South American weather will likely decide our fate either way.