December 2023 Corn
December 23 Corn - Weekly: The market structure is difficult to try and define at this stage, we remain in a very sensitive marketplace. Price and Time targets can be fluid, but for now, I like the above targeted areas with the percentage sold as labeled. We do need to be ready to pivot earlier this year to get hedges on against the targets above. **Be ready to sell or protect at lower targets earlier this year. Notice on the above Continuous Corn chart that risk is identified as low as the 4.50 area into Harvest timeframe in 23”.
**If we are moving out of a bullish (inverted at times) overall Market structure and into a sideways or bearish (contango/carry) market, very seldom does the new crop contract move much higher than it’s previous year’s high. Often times the new crop contract marks it’s high against the 78%-88% retracements. That area (6.50-6.64) may need to be looked at being more aggressive with physical sales and/or Put Targets.
**If we are moving out of a bullish (inverted at times) overall Market structure and into a sideways or bearish (contango/carry) market, very seldom does the new crop contract move much higher than it’s previous year’s high. Often times the new crop contract marks it’s high against the 78%-88% retracements. That area (6.50-6.64) may need to be looked at being more aggressive with physical sales and/or Put Targets.
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