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San Diego |
had a nice long on corn from the weds. evening after the last fomc decision, but looks done now, i.e. in may corn nobody is buying above 395 and the offers up there are very large on 'dom' or 'level 2'
after a 30c rally in corn, the book squaring into the usda report will be longs getting out.
the farmer is said to be 150% long corn, so half of last year crop still to be sold...hard to see how july corn will end well, that old crop corn will ultimately have to be dumped out on the market.
the ending stocks are currently large across all the C B W, and with the strong us dollar lately the risk is for higher stocks than expected showing up from usda.
cheers! | |
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Mike Florez on corn.
