Previously I covered a back of the envelope fundamental picture of the new crop corn market and basically concluded there was strong support around a $4.06 price and potential to go higher depending on final harvested acres and yield. By coincidence, December corn closed that same day around 4.06 and picked up another 6 cents as of this writing.
With the RSI below 70 there is indication that this isn't overbought and the MACD indicates the beginnings of a bullish crossover. Today's movement has been attributed by some to really dry conditions pressuring the Brazillian 2nd crop corn as well as reduction of Chinese tarriffs on grain sorghum.
(Chart and data produced via quantmod and quandl packages in R - See code below)
***This commentary is provided for descriptive and entertainment purposes only and is not intended to be used for specific trading strategies or interpreted to be investment advice. *****
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