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| Nice little down day on the corn and bean boards today. July options gapped lower at the open in both and never recovered. At least they didn't close on the lows for the day.
Are we still just washing out the funds and weak longs or have we seen a very early top to the market this spring?
If we have another rally will it start from such a low level that it will never get back to the highs we had a month ago?
Until today I was not really worried about a top being in, but after todays action I've got to wonder if we've already seen the top this spring.
We're going to sit tight until we see what the report says and what the weather shapes up to be for planting.
Heard a lot about acres being switched to corn early on, more and more the talk is (us included) the extra corn acres are not worth the planting of corn on corn vs corn on bean ground. How many of those extra acres might disappear before they are planted?
I know a lot of corn is planted south of here, but in this area very little nitrogen has been put on. When they did get a few days to run the supplies ran dry and everyone was waiting on fertilizer to come in. We were barely getting dry enough to do something last week, then a week of rain and more knocking on the door this afternoon. Even if it quits we won't be able start planting on time except on some sandy river bottom dirt.
Just wanting to throw some topics out for discussion.
Ray
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Ok folks where are we headed from here?
