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| This morning's action is the most bullish signal since the report was issued. We were nearly limit down in the overnight, and now nearby corn is only off a few cents. The big money simply does not want to sell this off yet. Too many unknowns right now? South American weather, acreage, etc...?
On Sunday, DTN was talking about a higher open today based on dry weather in Argentina and Brazil. Then all of a sudden the overall economy started to drag down the commodity sentiment and they predicted a lower open. I'm trying to figure this thing out, but it sure doesn't appear that we are going lower any time soon. I would not want to be short this market.
This rate cut, in my opinion, can only help commodities in the long run. | |
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They don't want to sell them off yet
