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Buxton ND | Just listened to these guys,,,,,I'm trying to get more then $4.50 ZCH bullish here but after yesterday numbers these guys may be right.
The 2 days prior to the report, OI =open interest was up 50k,that very clearly point towards net NEW selling entering corn. I've posted about money coming back to the market but its needs to be on the BUY side NOT the SELL.
So we had this "new money" entering corn dropping the market before the report..... So if the report made that new money exit,,,BECAUSE of the report #'s OI interest should have dropped. It DID NOT drop but rose by 13k so what I see the short money in corn is holding steady,holding steady IMO mean $4.50 is still the wall above the market at least for now.
We had the ballistic volume Friday 645k,not a record but near.
We had the KR's both Daily and Weekly.
Now we need FOLLOW THOUGH,,,Sunday night,,,right out of gate...........
Strong all night and all day and into the close..............
Closing Monday OVER $4.50 would be very bullish.........
This would be one of those rare times closing RIGHT ON 4.50 ZCH would not surprise me.........
When one looks back over the last year,looking at the whole picture,,,whether you have been a bull or bear. The funds have been selling the manure out of corn,,,,,their still very "deep in the money" ""short "" corn.............Is one days trade and a 1.63 BB carry going to totally change their minds ? ? ? Its not changing mine and will have a order to rehedge alittle ZCZ14 come in the coming week. | |
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you reckon ...US Farm Report
