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Buxton ND | If we start breaking 3.50 ZCH traders will target the low of 3.18 after that its 2.90 the low of 2008
Last weeks exports were poor, today's inspections were poor, cheaper prices should help demand in the long run.
Spec sold 51k corn for the week ending the 29th with the vast vast majority of this new net sellers.
51k is a big number, bigger given lite holiday trade.
+11k net long last week, -40k net short.
Yes NOONE likes this, the numbers are what the numbers are.
Beans net selling of 26k, 60%ish from net short sellers.
ZW net sellers of 12k about 99% NEW shorts.
MWE/KE not quite and as bad.
IF it looks smells growls sounds like a bear, its not CORNBORE
Toss the Chinese stock market goodies into the mix and nervous traders will think way too long and way too hard before buying anything.
These kind of markets toss your COP out the dam window, traders DO NOT CARE.
My local unit loader basis lost a nickel (weak sales) futures -.07 that's another start to the week of a big flat drop price.
I would like to say report day we should/could put in a low but I just do not know...........
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Corn
