We're knocking away on resistence on several fronts.

All of the Funds Record Short Corn positions are now underwater..

The Wheat positions are slipping away..

And pretty soon all they will have is soybeans.

Is it time to buy beans?

555 posted this weekly Corn Chart from 2015..

Which is worse? 2015 getting too much rain on a bunch of planted crop or 2019 not getting crop planted at all? 

In 2015 there were 7 bars up nearly 70 cents, 9 more bars tacked on another 20 after a breather. Market structure was much heavier bearish in 2019 coming into this.




If the funds are more disciplined we may not go as sharply.. ??  but the peak could last longer..  2015 was more of a scare.. where I would argue that this time.. with a 17% carry out.. and 51% yet to EVEN PLANT!!

Yes we will get more corn planted.. yes some will switch from Soybeans to Corn adding potential Corn acres from Soybeans.. but again the final 20..25% that was Too wet to plant last week.. lol.. is now wetter..

The job of the Corn futures market is going to be to ration smaller supplies.. and force substitution.

92.8 million intended.. 75 of that actually gets in.. rob.. 5..7 million from soybeans gets us to 81'ish

75 harvested x 169 = 12,675 billion bushel crop vs 13,??? demand.

Exit door isn't gonna be big enough for the funds..