Posted 6/11/2019 18:50 (#7553772 - in reply to #7553681) Subject: Some things the uber bulls ignored today
Thanks Andre54, good to see you post again.
Couple things I didn't see mentioned today by the uber $6 bulls was the very lack luster performance considering what should have been considered a wildly bullish report. A 10 BUSHEL CUT ON THE MAY REPORT!!!! That is huge number and 3 bushel below the lowest guess but yet we only got 12 cents out of it??? Didn't even take out the recent high. I'm still bullish but today confirms my target in my mind and imo confirms what I have been saying that corn isn't cheap currently. Too much memory use of the $7 corn days and lack of attention to the major differences in demand. If this was the demand driven market we had back then it would have easily been a limit up day, the fact is we are in a supply market and there is a huge difference between the two. Demand markets the end users are sourcing as much corn as possible to lock in future margins, supply market end users tend to go more hand to mouth as margins are much tighter. As much as farmers cuss the funds it was much more fun when they thought corn was sexy and we were rewarded on days like today.
Another crickets fact was the printing of soybean carryout over 1 billion. Likely the highest number we see but still it shows we aren't in a wild bull market for the grains. I will say I tend to agree with Century we need to take out 4.54 soon.