Thanks much bcb!
Shocked by the bull(sheet)ish made up USDA planting numbers on Wednesday.....lock limit up!
Trading the more likely REAL numbers on Thursday......gap up followed by a massive reversal, sharply lower close and buying exhaustion formation on the charts.......for old crop prices.
New crop prices did poorly on Thursday but not as bad.
Bear spreading(nearby contracts losing on distant contracts is usually pretty bearish).
However, the market speculators might only be re-configuring where they want their money, putting most of it on the new crop, that has the greatest potential for an explosive move higher.
My 3-14th grain comments I made..possible range for Dec. Corn Highs 485.25-491.25 and Lows of 451-449.
Here's your post from 3-14:
Here's an interesting thing about this:
"range for Dec. Corn Highs 485.25-491.25 and Lows of 451-449"
We traded to the bottom of that range just before 11 am on Wednesday, just BEFORE the bullish USDA at 449.75...............then, later in the same day, after the open of the Thursday session, shortly after 7pm, we exceeded the trading range highs by hitting 493.
So within an 8 hour time frame, we exceeded that range. WOW!
You forgot to tell us that this was the range for day traders (-: