Corn has rallied 1.90 in the past 60 trading sessions. Beans have rallied 2.72 cents in the past 60 trading days Wheat has rallied 1.35 in the past 60 trading days.
There are no more bears out there. Every one has turned bullish. Time to think about initiating sells in the face of this massive rally.
Today’s action was weak. I am interested in how we settle for the week, but I think we are shaping up for a 75 cent haircut in the corn, 1.50 haircut in the beans and a 60 cent flush in the wheat.
The cherry on top will be if we get a story in the major media now talking about food inflation and the chances of getting back to the 08 highs.
To clarify, I think the trend is decidedly bullish. But, we are overdue for a correction. This is the week I try to initiate sells into rallies, while holding off buying breaks.
That is all.
CER
