Technicals

[cottonpicken]

We have broken trend and are in desperate need of a
sharp bounce.

[dschill]

There will be rewards for the prudent! This will amplify what we already know....we're running out of grain. There's only one reason markets correct themselves...they must in order to stay alive. This is a technical correction, but we can't lose site that this market has Fundamental Truths. This is just putting fuel in the tank. Don't forget, Funds/Speculators NEED volatility to survive and like it or not...they will be creating these situations trying to shake apples from the tree. If we were planted on time, heading to Aug with good moisture and cool temps in the corn belt, i'd be nervous. Reality is, odds are against perfection, and that is what's needed to build ending stocks. Till then demand needs to be curbed.


ds

[Hopperbin]

What charts are we looking at?

[crusher]

Canola chart looks brutal. Wheat's not as bad, but I'm selling new crop because its damn profitable.

[burnt]

Is this a repeat of Nov. 16/17?

Wheat

http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=ZWH11

Soys

http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chart&sym=ZSH11

Corn seems to be holding up the best? For a reason?

http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx?&page=chartsym=ZCH11

This might be the market's attempt to shake loose a chunk of the grain still held by growers?

[fjlip]

Escalating noncommercial long-liquidation pulled bean and wheat contracts
sharply lower Tuesday. On the other hand, strong commercial support allowed
old-crop corn to close well off session lows.
Elevator DOWN! Same old same old. 2008 repeat or correction? See if more negative news piles on. Australia despite all the flooding and drought has largest crop since 2003. SA crop conditions great! China cancels purchases, who else is could do that?
"Soy product futures tumbled, succumbing to profit taking pressure, as the markets corrected after rising to historically high levels. Soyoil futures sank to 3-week lows, as traders reduced risk exposure amid the diminished threats of South American supply issues slowing demand for U.S. soybeans, analysts said. Soymeal followed the lead of soybeans, sinking to 1-month lows. CBOT March soyoil ended 1.15 cents or 2% lower at 56.54 cents per pound, and March soymeal traded $8.90 or 2.4% lower at $366.60 a short ton."

Hope you sold some.

[Hopperbin]

Someone tell me what just happened here, my head was in my ass for couple days, I might just go back there.

[Kodiak]

Just 2 days ago we were at contract highs in wheat and corn. 3 days ago in canola. Prices do not go in one direction for ever, and after sustained runs in one direction they need to correct. This is healthy.

Sure the charts look pretty ugly today. But charts are history, not the future. One only needs to look at the silver chart at the end of January. It was hopeless. The top was in and it had so support beneath it. Or so they said..... Look where it is today.

Don't jump off the bridge because of this break. Nothing has changed in the last 3 days to alter the fundamental outlook.

Here's the silver chart.

http://www.barchart.com/chart.php?sym=SIH11&t=BAR&size=M&v=2&g=1&p=D&d=X&q b=1&style=technical

[Kodiak]

Oops. That is supposed to be "no support" beneath it......

Damn poor editor of my own stuff

[TOM4CWB]

Kodiak,

I do not know how $100 trillion of QE gets into our financials... without resetting primary values throughout the financial complex.

To recoup the lost value... all ships must rise... to recover the lost value of the sub prime fiasco.

Japan did this from 1990-2010... now debt is 200% of GDP... but the currency is strong.

AS long as folks go to work each day... have food to eat... why does it matter if wheat costs $6/bu or $12/bu!

Wage earners lose the most... as taxable income increases and gov. take on taxes goes up.

PST/HST is the gov. solution... they get more and more from less and less!

Anyone who support this crooked system... of taxation...

Time for a joke break:


What do CWB Directors and computers have in common?
You need to punch information into both of them.


Why does the CWB only have 10 minutes for morning coffee break?
If they had any longer, they would need to re-train all the whole sales dept!

Did you hear about the CWB PPO manager who dove into his swimming pool and broke his neck? He forgot to seasonally adjust his pool return outlook!