Markets as I see them – April 27, 2009 Update May 12, 2009
Really
looking for a medium term if not longer term Peak in Soybeans soon (within the
next 2-3 weeks). Now!!
SOYBEANS: Looking for a spring top in beans in the 11.00 – 11.40 May contract 11.60-11.70 area nearby contract. We should be in the 5th wave of a 2nd corrective up wave (C?) so would expect a long drop to the $6.00 $6.50-7.00 area sometime late September/October. Really depends on the stock market and the Chinese buying on how fast and far we drop.
Soybean
Meal: Still looking for a top in
the $360.00 area to match the $11.00 beans.
CORN: Ok Corn has really been lagging in
the spring rally led by beans. Looked
for a top in the 4.50 area earlier but probably will have to pull the trigger
on some sales when and if beans get to the $11.00 area $4.35-4.40 July contract 4.55-4.60 Dec.. Looking for a low in the $2.75 area by
August/September and to match or exceed that on the downside in December. Better chance
for new crop to rally later than old crop as plant delays/switch to soybeans
takes new crop bushels away.
Crude Oil: Ok so I
don’t claim to be an expert in the crude oil game. Crude should make a push to the $60 area sometime in the next 30
days and then setback into the low $40 area for fall.
More expanded thoughts on markets when I get some free time
from planting and fixing.
Good luck marketing
Gerry