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| Weather forecasts cut back the heat is the Northern cornbelt and even included some rain as the Dome retreats. Selling begets selling and you get stops hit on new buyers and profit taking feeding on itself. If the Forecats maps heat back up for a longer window in tomorrows run, we may rally back up. If the forecasts really have changed for good and we cool back down in a shorter window of heat, it may be all over already. Beans made a perfect double contract high coming within 1/2 of cent of last summers high in the Nov 13. Last summers high in September was 14.09 3/4, today we hit 14.09 1/2 and quickly profit taking ensued in 10-15 minutes we lost 20 cents, and then it fell slowly most the morning, rallied back a little in the noon hour. Corn closed making new lows into the close. Selling begets selling. Yesterday Buying beget buying, it isn't rocket science it is what markets have done for centuries.....But remember these are futures markets and that is what they trade.....JP | |
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Why is corn down??? Did it rain in chicago??? NT
