With the Informa report today, we have to believe that we will not retrace this last rally to the extent we would "normally" do.  This appears to be the odd year out where traders ran the market to far and created a vacuum.  Projecting a $1.50 range from high to low and using $3.00 as a low, upward price projections would be $4.00 to $4.50 basis May.  May futures shows significant resistance at the $4.50 level.  That would place December futures between $4.50 to $4.90.  December 2009 futures will struggle over $4.90.  We would target 2009 sales in this area and be very aggressive.   A good crop would send us back down to $3.00 very easily.

Still, one should anticipate we can obtain a $3.00 range from low to high this coming year, double what we see for corn.

(We got the weather issue and hit $11.00!)