Corn chart damage was obviously done on Friday, following USDA’s Prospective Plantings and Quarterly Stocks reports delivered bearish surprises. After that drubbing, however, corn has held in relatively well so far this week. The weekly chart paints an interesting picture for May contracts, as do the calendar spreads. In addition to that, let’s look at:
- Dragonfly doji on Tuesday in May Corn and medium term price targets for old crop sales/hedges?
- Potential ethanol outlook on soybeans/soymeal, 200 day moving average resistance;
- Widening SRW Wheat vs HRW Wheat spreads, reversal candlestick for HRW?
- Oats trade back to familiar resistance area and stall out;
- Fat cattle still holding around key support, feeders break
Does Tuesday’s limit up move in June Hogs signal a return to the uptrend?
Contact your broker to discuss your trading or hedging plan!
This article originally appeared in the Technical Ag Knowledge Newsletter “Looking at Corn From Different Angles **VIDEO Chart Analysis**” at 04/02/19 02:43:22 PM Central Daylight Time.
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