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Buxton ND | Thanks Buck,kinda brings back Gramma'a old saying "a picture is worth a thousand words" I've mentioned a few times that corn is not going any where until the fund change their minds,that graph is living proof of it......
Going forward into the report,
Last year funds stood 274k long(boat loaded to one side)they got their donkey's handed to them and 2 weeks later had sold a net 125k (that's ALOT) dropping corn $1.10 on a bearish report........................
This year 243k net long(enough bets have been made for a bullish report) The last 2 years this report has been bearish and locked limit down...Time for a change so I'm leaning "alittle" bullish on the report for corn,but that's only a Norweigin guess !!!!! So if we get a bullish report its all fun and games and we blow though $5........A bearish report,,,,we're,,,,,well a word the moderators dont want to see in print !!!!!!!!!!
Final thing to add is the fund boys have been buying corn for 11 weeks (it started the with the January report) mostly short covering with a fair amount of new buying. There IS a trend here,,,,,and these boys love a trend,,,,,and maybe,,,just maybe stick with the trend even given a slightly bearish report and run with the buzz words of a cold late spring which they TOTALLY ignored last spring...... | |
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For Sat
