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South Central Iowa | Just looked at it Long. I am having trouble looking on my phone at the barchart COT chart I like, but looking at the long form, I agree with your statement. Managed money increased shorts a whole 67 net contracts and decreased net longs a shade under 9,000 contracts. Managed money still big net long. There is a lot of length, and it might be surprising the resiliency that this lends to the market. They didn't give up on length in August/September and we see the difference in price that gave us between 2015 and 2016. Also, the data is from January 3, so it primarily deals with the shorting in the later half of last week, year-end liquidation, and the shorting on Tuesday (remember Wednesday was higher reversal). But with today's action, it is probably still roughly the same as of now.
Managed money Corn swung towards the long side by over 15,000 contracts. Still short, but this week probably accumulated a fair amount of length.
I am still optimistic that we see a higher price into report, but we will see. I am still thinking March $10.20-30. Only two trade days to do it in, so that is looking less likely.
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Always darkest before...
