Update: Corn and Wheat

I happened to notice that Wheat was up $.125 to $5.240. I took a look at the chart and it appears that Wheat has broken out of a flag formation. The flag pole goes from $3.76 on 9/15/06 to $5.57 six weeks later . The flag drops from $5.57 to $4.46 over five weeks. I would expect the goal to be the height of the pole from $4.46 or $6.27 (see chart).

Corn since 9/15/06 has advanced from $2.225 to $3.747. While it is due for a rest after that run, I don’t see any signs of a near term top. Today there is a new high of $3.78 (see chart).

See Mover Mike: Grain stockpiles at lowest for 25 years

Drought Wheat Corn Mover Mike

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