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San Diego | if may corn touches 379.5 then a long in dec corn might work, and be ready to scale in more at the dec 400 round number. range trading in dec corn until more is known.
hedge fund bears have control in the ags today, and it would be very unusual for a bounce like wheat did off the 493 yest. for a 2nd session. one burned twice sky kind of a thing today. blurbs are out there that europe wheat being 30c under usa wheat and europe corn selling to north africa, us dollar hurting usa as it makes new high.
non farm payroll friday with us dollar coming in high, could provoke a sell the news and ags shorts might cover into weekend. so overall the buying low crowd certainly can wait here til see sunday nite reopen and lay of the land then.
overall the blurbs around the nation say the us farmer is massively long old crops, so the advisors are screaming 'sell any rally in old crop, especially corn'
...there's a spread trade historical in corn coming up soon that lasts a few months, sell july corn against dec corn.. which works because the farmer must finally dump out the old crop corn!
cheers!! | |
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Early indications are for a great start
