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Middle Tennessee | It's pretty clear when you combine Friday's open interest data with the weekly CFTC, that most of Friday's corn move was short covering from Managed Money. As you point out, they put on a lot of losing shorts last week. That could be bullish short term. It's also clear from CFTC data (it's nice that it covered only 4 trades, a little more transparency that way) that commercial buying forged last week's low. Commercial buying is not yet evident in the soybean market, but maybe that began late last week? Over Thursday and Friday, open interest is up close to 10k in the beans with no closing price movement. | |
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Corn....What happens Next - The Sequel
