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Report Favorable

1/11/2013

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The January WASDE report was favorable.  We have a reduction on the corn and soybean balance sheet, and a modest bump in the wheat carryout.
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Traders reacted by putting in a swing low on the weekly corn chart.  If we can get a above the downward sloping trend line, I think we will have confirmation that a new intermediate corn cycle is beginning.  When we get a break of that trend line, I will change my sentiment to bullish.  This is a market that was waiting on something to trigger it to do what it wanted to do and the WASDE report should fit the bill.  The market wants a new intermediate and yearly cycle.
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Soybeans did manage a lower close, but they no trader wants to be short below 12.60 on the NOV it seems.  I remain confident on the recommendation to sell puts on 11/16.  A break of 12.55 would be very bearish, and would confirm a failed soybean cycle.
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Steve Wade and Tyler Wade of Wade Assurance are associated persons for AgDairy LLC.

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The risk of loss in trading commodity futures contracts can be substantial.  You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

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