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| Mr. E post at 4 o'clock this morning noting that the dollar had run its course and he felt it was Due for an upward correction. a Time In place for Value Seekers to step up and defend it's value. they did. And continue to into this evening's trade. While many have posted that it's time for the dollar to crash and burn, I'm not quite so sure. I noted this morning that it still might be the prettiest girl in the leper colony. I also noted the high volume of the overnight trade especially in beans where it was about one-third of the total volume for yesterday. Had a feeling it might be an interesting day of trade. Open interest numbers released tonight show decrease in corn and beans again probably a sign that new songs bailed out through the day. For me if the rally we have experienced is going to continue to show strength we need to see a day where the market trades and closes up with an increase in open interest also. Buyers actually defending their position. It seems we see glimpses of that during the day but no follow-through for a whole day or a string of days together.
On another note was looking back at past bids during the year. 328 When's the cash beds for corn the middle of January and that is also today's bid at that elevator. Slippage in basis levels has resulted in no gain for cash corn today compared to where we were at early in the year. (Here anyway. ) | |
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So what happened today?
