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Buxton ND | MPL was pretty good tho the best show of the day was CORN off what looks to me a pretty neutral report.
Nice post report action, it was just buy it and not even try to blow the sell stop out under the market.
This is different then a normal report action to my eyes.
VERY nice close, topped off with a dam good KR HIGHER.
IMO this was the best up day in the life of the ZCZ contract.
I will give corn a A- on the day.
Because of NAT's reaction to the report, I will give it a A+
I could grow a set of horns pretty quick if not for month end/end of 1/4 short covering position squaring.
It is a MUST to have follow thru Sunday evening and a strong trade Monday AND Tuesday.
A gap HIGHER Sunday would a major positive.
Blow thru 3.50 next week,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, a MAJOR positive.
Monday marks the start of the harvest RMA price period.
Add in guys selling beans/storing corn, I see very little hedge pressure selling on corn.
Add in this, I think this was yesterdays news but not sure.
*****
"China has authorized 2 mil mt of corn exports for coming year with potential for a 13% tax rebate taking values down to down to $5.20/bushel"
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And just when you thought I'm always a BEAR :o) Don't expect me to change my mind on "ANY" beans anytime soon.
$2.90 still in play ? IDK, ZCU's 3.01 meant just have to be called close enough. | |
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Best Of Show = CORN
