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SC Iowa | A lot of consumptive users are short bought...because they saw Dec 10 corn break 3.50 in late June and were more fearful of missing out on an expected low near $3 than anything else at the time.......by the time their heads stopped spinnng the market was up 50 cents and they sure weren't going to buy that number......for now, I think most realize where the "gotta buy something" level is at...4.50 on Z.....it's also where many advisors will tell their clients to buy back hedges,...sometimes these things become self-fulfelling phrophecies just like certain technical points..
I give it a 50/50 chance or better we end up rallying back to the recent highs by the Sept crop report.......getting some additional cleansing action in the short run would likely be a good thing given the amount of length added in past couple of weeks....
Ray J | |
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$4.75-$5.00 corn thread from below
