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Houston,Tx | bean exports a hair ahead of last year, but meal sales are almost 2.5 times higher than last yr - as of last week.
commercials hold positions as long as they need to - have board ownership until they get physical I would assume - don't see it as bearish. Rather a clear indicator that around 10 bucks is the new 6 bucks. with the strength in meal and this weeks weather, sds, exports moving forward - anything could happen this mktg yr pricewise from rangebound to an uptrend.
All I know, is it's got my attention pretty sharply that they are roughly 125k contracts more net long than they were - end of 2011 lows @ very similar prices (front month).
I use some basic trendlines with my charting and pay attn to the old/new spreads -- picture the comm net pos charted vs price - it looks very bullisly divergent, as they say.
...and as an historical rule of thumb/law - the commercials become most short at price highs and vicey-versa..........
Edited by c-xr-1 9/6/2014 19:05
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Updated COT corn
