Corn - December23 WeeklyUsing the last week of February for high to low retracement targets, 6.42 becomes the Primary target on this next leg higher. Support is the last swing high at 6.03. Volume of support just under 5.50
There are some fairly bullish charts out there, but the big question is how do ag and energy markets react should the equity and financial markets move lower…
A strong volatile move higher in Grains and Energies against the backdrop of a slowing economy would be tough on the deferred grain and oilseed contracts. I do think it is wise to keep an eye on 23’ crops… Don’t hesitate to layer in some small percentage targets…. Targets 5.95, 6.42, and 6.65
