The grain markets and markets in general started off the new year on the firm side; as early in the a.m. we had corn, beans, and wheat all positive.......with wheat nearly 30 higher.
By the end of the session grains
had fell away from that strength........wheat corn down nearly a dime, beans around 20, and wheat finished the day positive but 20 cents of so off of it's session highs.
Perhaps the price action was simply a normal correction in what appears to be a bull market? Perhaps producers added some hedge pressure and made sales today instead of the past couple months........
Or maybe today's action will summarize the action that we see for the rest of the year.........start of at good, firm, profitable price levels...........but end the year poor..........and if we look a little closer at today's action......we made the highs within the first 5 mins of trading.........does that mean that our highs for the year where made today or will be made in the next week leading up to the big USDA Jan 12th Report???
Technically I really don't want to see corn close lower then Friday's low in the next couple of sesssion and when I look at the overwelming bullishness or bullish expectations for our markets in general, along with index fund reallocation, and the way that our markets seem to have swinged from the sky is falling to never going to go down.........i just wonder or sense a little nervousness in regards to where we go from here.........
They say if it looks too good to be true.....it probably is
In ECON.......they say that if it is too good on one side; the market's supply and demand will fix itself
What is the market saying to you?
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