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Wednesday, May 18, 2016

Wake Up Call Allendale Advisory Center

Wake Up Call Allendale Advisory Center: Grain markets are lower on profit taking created by the headwinds of a stronger US Dollar. Crude oil remains steady to up slightly while stock indices are steady after Tuesday loss.

Chart picture suggests resistance at 4.09 in the December corn contract after closing at the highest price since early November 2015. Technical indicators are suggesting an overbought condition therefore without a continuation of money flow and immediate weather concerns a correction could be possible.