Posted 5/15/2019 09:32 (#7498328) Subject: Market plans and short covering
So it was estimated that the Funds bought 15K beans yesterday and 20K Corn and at there peak beans were 30+ higher and Corn was 15+ higher.
so less than 10% of their short and we ended .12 and .28 higher or there abouts would look for them to try and cover a little more than that today but they will meet up with some farmer selling so in the end we might push to +15 and +30 but holding that might be harder. Unless we uncover some enduser demand before prices run on them which is very possible. $4.00 new crop corn and $9.00 new crop beans will be some resistance as farmers may well look at that as a selling opportunity.
best advice in these type markets is have your price targets in place and scale up market.
one last thing rumor is COFCO has been a stopper on bean deliveries NOT confirmed as of yet.