r e l a t i v e // strength

pre-report notes

corn

Looking at the data from the weekly crop progress report shows that a higher-percentage of the US crop is rated at good to excellent. I took the data and created a G/EX data column that is the summation of good and excellent percentages and then I did a descending sort to see how the states lined up. Note: the data source is the weekly crop condition report from the USDA.



Things are looking good. Friday morning's demand and yield projection numbers could be market movers. If demand is high or projected yield is lower than expected, then we could see a bump up. If production estimates are higher than expected then there might be some "elation" and wind may fall from the sails. As previously noted, the 248-252 area has been key. Intermediate term direction from this area may be determined with report data.


live cattle

Live cattle blasted through resistance Thursday. The acceleration of the move is intense and even the steeper uptrending line looks slow in comparison. The market is overbought and may be facing a correction in the near term.

posted by jared @ 4:04 AM