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interesting post on the fibo ranges, however, the beans are in a wheather
market now. In such a market the charts and "funnymetals" are throw out at
times. Very danergous market to play right now. If we get hot and dry for
over a week or so we could see $9+ beans in short order. Options are the
safer way to play. Remember that crop report on june 30 called for perfect
wheather until harvest. Also the acerage estimates coould be revised one way
or another. In the budget cutting the USDA only has about four reporting
stations in the Illionois area, more the 75% reduced. So their reports could
start varying more dramatically. The trend is still down though. If we get
good wheather , bear put spreads will work. first couple weeks in august are
the real critcal times for the beans. That is when the pods fill and they
need water the most. With the low carryover, if we don't get any .....hello
$9+ beans.....but if everything goes like "they" are calling then on down the
beans go.
Wheat is intersting, it still looks like they might be putting in a seasonal
low right around this area...........
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