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| We should head back down towards the $9 level. SX options expire tomorrow and the $10 strike is acting like a magnet. There were over 35,000 option contracts open as of this morning in the $10 strikes. Unless the South American weather forecast heats up we should be close to a top. I expect we'll eventually test the $9 level in the coming weeks though it may take more harvest progress in the ECB to fill the soymeal pipeline before that happens. | |
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The farmer gets a screwin again
