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Buxton ND | From the thread below.
I thought I'd go back and see what the funds did last winter with the very dry condition's on a large part of the western corn belt.
11-30-2012,,,359k net long record long for the calendar year
12-31,,,,235
2-5,,,,,, 270
2-26,,,,,139
3-26,,,,,274 PRIOR to the report,pretty much ALL this as drought maps were very dry............So I think it would be fair to say spec money was adding longs in corn as spring neared because of the dry weather
4-9,,,,,,,149
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SO they SOLD 125k of corn in 2 week, WHY
They got caught wrong as the producers planned on planting a manure pile of corn.
Did the USDA break the market ???
OR did WE the American Corn Producers break the market ???
We all remember how much money we made of corn last year right ?
We all had dollar signs in our eyes right ?
Bottom line we put ALOT of corn in the ground.................
Where would price be if we DID NOT PP 4-5 ma of corn ?
Spec money got BURNT trading corn long last year PERIOD. IMO they will not buy corn at this time planning on a drought or looking at the current drought maps. I would say its going to be much more a "show be the damage" before we buy this drought talk again.
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Drought and the Spec Funds
