Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: russwinter who wrote (25185)	3/9/2005 2:04:09 PM
From: mishedlo	Read Replies (1) of 116555

CORN: Hi, this is Tim Hannagan and it is Wednesday, March 09, 2005 and this is a pre-closing report.? On Monday?s report I have support for May corn at 2.10 and suggested that support would hold into Thursday USDA crop report due for release at 7:30 a.m. central time.? Well, our low Tuesday was 2.11.? tomorrow?s report should give us no surprises.? The trade looks to see our ending stocks figure or carry over number to come in 50 m.b. higher than last months report of 2.010 billion bushels.? After the report and into month?s end I look for May futures to pull down to at least 2.05 as traders position themselves ahead of our March 31st planting intension report, when the trade should boast acres 1 to 3 million over a year ago.? Unless something enters the market mindset that is not here yet we will stay short. BEAN: On Monday, I said look for May beans to push into the gap area on the charts between 6.06 and 5.11.? After closing sharply lower Monday at 6.16, Tuesday saw that selling I called for down into the middle of the gap posting a 6.09 low before shorts took profits to the bank posting a higher close.? You were suppose to take profits under 6.11 as I suggested then sideline yourself Wednesday and wait for Thursday?s report results.? I called for Wednesday to see choppy two-sided trade with a lean to the upside at the close then a higher open Thursday off a friendly to bullish crop report but to sell Thursday?s opening high.? So, far today Wednesday has been choppy with trade on both sides of unchanged twice.? Now, what we do Thursday depends on what the USDA says.? If they adjust lower Brazil?s bean production from last months 63 m.m.t. to 58 or 59, we will open higher and I would sell short May and look for more long liquidation as weekend Brazilian rains look ample.? If they come in with a shocker number like 55 m.m.t. or lower, stand aside and wight for the rally to exhaust itself.? May support now lies at 6.06 then 5.72.? Resistance is 6.58. WHEAT: After falling 17 cents from last week?s high May futures hit a low Tuesday of 3.30 before profit taking came in.? Thursday?s crop report looks to push ending stocks mildly higher as the USDA adjust inventory to a slower than expected demand.? Funds continue to hold a light long positioin in the market but weak demand and a win

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