August 30, 2013 – Before today’s Target or Action, J-MAS is 25% sold new crop Yellow Pea (9 bushels of a 36 bushel crop) with an $7.89 sales average.
Chana are rs3185 , about rs115 off the recent high. This is only a 23% Retracement of its current bounce. There is support at 2600 that has held so far, and will be very Bearish if it does not hold as that is support back nearly 5 years.
Y.Pea is $7.04, about $1.20 off the summer high. With Chana possibly bottoming, we are likely to see Peas hang around here until harvest pressure eases, and that could be some time yet given the high yields to date.
Today we are recommending the following Actions Items based on the extreme volatility we will see when the market comes back on Tuesday – after a 3 day, weather induced break – and a risk-managed way to play it today:
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