Posted 3/12/2019 09:28 (#7375341 - in reply to #7375235) Subject: RE: Did I miss something?
TMRand and his band of freemasons all got on the horn with each other and decided to SELL SELL SELL!!!!
Seasonals and spec money are really riding this market down. It's gone lower than I expected. The silver lining is that they are over 200k contracts short in corn, so if a deal with China gets done or 2019 acreage comes back lower than expected they may have a race to the door and we could see a nice rally. $3.80 didn't buy a ton of corn before, will it now? Will farmers bail them out at a lower price? Will they turn their short position into a long position? I don't think farmers are moving the board much right now, personally. But I'm wrong a lot.
Turnaround coming. Looking at the wheat pit today, I think the lows are in. Wheat price led us down here and needs to lead us back higher so it gets priced out of the feed bunks.