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South Central Iowa | I finally got out of my shorts today in March Beans at $9.96 and went long a few July at $10.12. I am not overly interested in going long above $10, but I think we are around the $10.20-30 mark March going into production report, so really really looking at a short play.
I was really bearish this summer and I had enough $9.20 bean puts to choke an elephant. But I was wrong and ignored the market. I kept telling myself once these people realize we have 50+ bushel yield, then it will drop! But it never did and I lost a good chunk of change on those. And now we see what soybeans have done this fall and early winter and it is really amazing. I have still fought it none the less and tried shorting, but I sat in those shorts for 4 weeks. I made good money on them, but it was slow to come.
Point is, I think we may see 8 futures like you IN, but I think we see a good opportunity for plus $10 pricing this year. I am looking at 87+ million acres making a mid $10.50 price hard to break and a 87- million acres making +$11.00 very possible. If it is good production again, I am the same boat, -$9.00 futures. But I have learned that at least as of now, be wary of doubting soybeans. | |
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Richard Brock says $6 cash Soybeans....
