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| The guys with the white coats and leather straps may be over later (I will call them) as I am going to take a shot at long March KC wheat...I had time last night to review last Friday's Commitment of Traders & broke it down into old & new crop...big specs have gone net short the old crop by 32,000 contracts...long the new by a net 42,000 & noticed the commercials increased their net longs to 51,000 old crop...short 31,000 new (net)...while not a reason to make a decision by itself, I am gambling the liquidation might be temporarily over. Quite frankly, a good thing I did not have time to evaluate the report last weekend or I would be more in the dinghy on old crop than comfortable.
For some strange reason, the small traders are net short about everything.
The next storm front may stall over the western corn belt....if so, we won't be adding any size to either crop...I have two weather sources covering Brazil...one is wet & one is dry. Means the net is zero & of no value whatsoever...when you need 'em...they cannot help.
I also plan to very lightly pick up a little July corn & Jan beans on sharp breaks....the new crop wheat looks to me like it is rolling over to the negative..it needs to show some more strength and quickly...
Our futures are in the hands of futures...the market will tell us. | |
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The Long Shot
