Death comes to us all. Life's but a walking shadow | the COT long form futures only numbers were: -34,436: -10,674 36,671 1,327 2,219 -2,225 1,541 -69,683 -2,106 -14,371 -1,630 894: -8,822 1,424
Namely, merchants delivered 53,370,000 more bushels than they sold last week while producers sold 183,355,000 more bushels than the merchants sold. Meanwhile other reportables (aka large speculators) and non-reportables ( aka small speculators) capitulated on 23,193 long contracts. All told somebody needed 70,000 short contracts to make it all balance out which the Managed Money gladly provided from the stock they had accumulated in the past few weeks.
This suggests strongly to me that producers sold a good deal of corn and more worrysome, speculators bailed out on their hopes for a rally.
Darn, just when I was thinking that buying corn might be the thing to do. Oh, well. |
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