Keep feeding the bull market
An analyst says a bullish grain market needs to be fed daily.
Al Kluis, president of Kluis Commodities, tells Brownfield sellers took advantage of recent highs in the corn and soybean complex.
“Farmers both in the U.S. and in South America (are) taking advantage of the rally, so the market has absorbed a huge amount of sales.”
Unless forecasts turn back to very hot and dry, Kluis suggests Monday’s highs will be tough to take out.
But, he says there are still selling opportunities.
“If you look at the corn market, you’re about 18 cents off the recent highs. One of the things I look at is when you get an extended up move like this, then you get a retracement back up. If you get back to within a dime of the recent highs on corn, and you haven’t sold any, you better have some offers in to sell.”
For soybeans, Kluis says prices are about a dollar off the bottom and 40 cents from the top.
“Put another 20 cents in the bean market, get within 20 cents of the highs posted earlier this week. If you haven’t made cash (or) new crop sales, don’t miss it a second time.”
Corn and soybean futures are higher today on continued weather concerns, rebounding from recent losses.
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