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Judy Crawford: Grains Report

ByJudy Crawford
Published 10/29/2010, 10:25 AM
Updated 07/09/2023, 06:31 AM

DEC CORN:  Last time I mentioned that it looked like it wanted to sell off.  That key reversal top on the daily chart is still intact.  One change is that today it triggered a buy from yesterday's outside day.  Long term there is some resistance up at 600.  In 2008 when it first reached this area, it did get through it, only to back off - but not a lot.  The bottom line is that corn has a huge base under it that it worked up over almost a two year time frame.  As I've mentioned before that base should produce more than this.  How it will go about it is anyone's guess.  Closed 579, up 1 3/4.

DEC MINI WHEAT: It has been rallying lately (I was stopped out of a short position) but the bottom line is that it is in the middle of a huge range it has formed since August.  That range is from roughly 650 up to 750.  The monthly chart still has a sell signal but getting over 757 will negate that.   Watching closely.  Closed 718 1/4, up 15 1/2.

JAN MINI BEANS:  They triggered a buy today and have made a new high for the move.  They then sold off.  Keep stops at 1210 1/2.  Closed 1236, unchanged.

Position:  Long 1245 (10.29).

Projection:   1300.

DEC MEAL:  It had a key reversal top at 340.20 on the daily chart.  That was negated today when it reached 340.40.  The next resistance is up at 360.00 approximately.  Closed 336.30, up .40.

JAN BEAN OIL:  I've attempted to buy and finally did today.  It is now over 50.00.  That is positive but it needs to follow through.   Keep stops at 48.90.  Closed 50.05, up .11.

Position:  Long 50.33 (10.28).

Projection:  55.00.

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