Sean Pledger

My positions for last week’s Supply and Demand report came from a combination of articles and gut feelings. Wheat and Corn I was correct in predicting a price drop but based on the analysis of Farm Futures and The Progressive Farmer’s Technically Speaking, I was long on soy.

(http://www.dtnprogressivefarmer.com/dtnag/common/link.do;jsessionid=BF9B401D526E0F4549C6C74BF5C1E2FD.agfreejvm2?symbolicName=/ag/blogs/template1&blogHandle=agtechnical&blogEntryId=8a82c0bc3a5e6fae013aa2f39e4602d3&showCommentsOverride=false)

When making the call on soy I was hesitant but went for it anyways. Another lesson learnt, be sure before throwing thousands of dollars around on a hunch. The main source of my hesitation was due to our newfound knowledge of technical analysis thanks to Andrew’s presentation on Wednesday. While the news I was reading indicated a rise in prices, I thought I could see a downward triangle forming up to the report release. Turns out the technical analysis was correct. That being said I am now back to the mentality that the prices will turn up in the long term. If not a full swing into a bull market then at least a bounce that’ll allow me to cut some of my losses.