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Buxton ND | Did we just put in the Commodity Classic's low in grains ? ? ?
The trade did do what it was suppose to do in February to dis-courage acres and don't think we even need to look at the spring prices.
Remember back when, when we did not even have a spring price ?
SHORT COVERING BUYING was the thyme across commodity land barring corn.
Corn week ending the 8th the spec money sold 25k with 22k being NEW shorts. Leaving them net short 101k and the most net short since Turkey Day 2013 (all time record net short was -135k harvest 2013) The odd part is the small traders (non-reportables) off-set 13k of this with NEW longs.
Action across the board I read bullish and strongly points to more short covering buying.
I would give the best show of the week to beans with 36k (very large) net buying of which 31k was short covering. This off of the big rally in the REAL (9 out of the last 10 days HIGHER) and beans in REAL terms losted nearly $4.00 a bushel in the last months.
Any notice how MPL wheat has lead the charge higher over winter wheat's ?
Is someone buying some risk premium should we have a spring cold snap/freeze down south ?
Or is just spring wheat exports leading the wheat export all year ?
Also leading new crop sale be a bunch :o) | |
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short covering beans - Record
