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Buxton ND | As of Tuesday the 26th non-commercial traders held 452k of long positions in corn,This is hedge funds,index funds,managed money funds,swap dealers,what ever one wants to call them. IF they sell say 100k of those position in a month,toss in a fair amount of harvest hedge pressure,a dash of every other Tom,Dicky and Harry selling that think corns going to a dollar. A move under $3 well come pretty quick.
100k in a month is NOT ALOT, the biggest move has been 73k of net selling in the last 2 years. *****IN 5 DAYS***** That move happened the week of March 28th 2013,,,,,,,,,take a look at Blu's weekly chart for that week,its blanking an eye opener how fast we can loss a buck. YES that was report week,BUT REMEMBER,,,IT WAS NOT USDA THAT INTENDED TO PLANT 97 ma something,IT WAS US GUYS...........................
On a POSITIVE NOTE once this baby turns higher,,,,,,,,,,,,,,commodities in general will/should move higher as asset class vs. equities. Please don't ask me to explain that its kinda just the way it works or at least has. | |
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December corn price on November 20th
