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Middle Tennessee | Alright guys I've almost shaken off last night's haze, thanks for understanding my loose posts. I've done my nightly homework on the bean market, here are some developments:
First the CFTC now has Managed Money net long 140k contracts as of Tuesday, and there has been an open interest increase of 40k since then. Commercial traders are adding large short board positions. So open interest is bloated, and Managed Money is probably long 160k contracts at the moment (an increase of about 60k over the recent rally). Precedent has the outer envelope for Managed Money length at about 200k contracts net.
From USDA daily reports, soybean basis generally declined every day this week.
There is yet more rain ahead this week for hardest-hit flood areas of Argentina. The forecasts I'm looking at show a single day of rain coming midweek, but nothing like last weekend.
Chinese New Year holiday begins next weekend. | |
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