Corn and Beans; A Reaction in a New Bear Market!
By John Booth, Archer Financial Services
Corn futures prices ran-up from an oversold condition: a rally in a new bear market, after the top was established.
The target price for corn (based upon front-month futures), cited in my article written September 30, 2011, was 5.20. This is a price that I believe is very likely to be reached.
Recent private estimates came in with a slight increase in yield from last month. If next week's USDA yield estimate is higher, we'll see added downside pressure. Bearish traders will require some patience and stamina.
CORN FUTURES - WEEKLY CONTINUATION
Chart provided by APEX
Soybeans remain bearish as well. The weekly chart says it all. The downside target is now 10.80.
This report is brief for a reason. Nothing more to say; just wait and protect with trailing stops. Note; major bottom in the U.S. dollar will help our short positions.
SOYBEANS - WEEKLY CONTINUATION
Chart provided by APEX
Let me know your goals in futures trading ... we'll then be able to determine if I may be of assistance to you.
Looking forward to your response. Please call me at 312 242-7933, or email to john.booth@archerfinancials.com.
Best wishes for successful trading.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The views and opinions expressed in this letter are those of the author and do not reflect the views of ADM Investor Services, Inc. or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright © ADM Investor Services, Inc.
