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Judy Crawford: Trades

ByRick Alexander
Published 06/08/2011, 09:38 AM
Updated 07/09/2023, 06:32 AM
CONFUSION REIGNS:

The USDA Crop Production, Supply/Demand, etc. Report comes out this Thursday.  Until then it appears the grains will probably stall out.  Confusion reigns.  Irrespective, there hasn’t been any change in the long term charts that continue to show potential for a sell-off.  

Corn:  It looks the most likely for a major sell-off.  It is at 2008 highs and has made no gains for the last three months.  The monthly suggests 600 corn when all is said and done.  I am buying puts.

Wheat:  It continues to suggest further sell-off.  It has failed 750 again and the monthly suggests 650.

Soybean complex:  This is a real mixed bag.  Both bean and meal have been in huge ranges.  The most clear in direction is the meal.  It looks headed for a breakout over 370.00 with a potential to 400.00.  Beans could break out too over 1400 except its long term charts are not as supportive as the meal’s.  Of course, both meal and beans have to breakout over those levels.  If they don’t, all bets are off. And to make everything even more confusing, bean oil looks down.  It has attempted to get over 60.00 for months without success.  The monthly suggests 50.00.

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