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Short covering corn today?
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Posted 6/29/2020 10:13 (#8343190)
Subject: Short covering corn today?

West of Lincoln a little bit
Corn up 6... seems like short covering before the report, not a weather marketing.

Twitter says trade is expecting corn acres at 95.2mil... USDA was at 96.999mil, so we drop almost 2mil acres and basically get no help from it on CBOT because trade already expects that. It just doesn't feel likely that corn's price will bump after the report is out simply because they're expecting such a large drop anyway. Range of trade is 94-96, so we have to get under or very low 94 to see any measurable benefit. Feels very unlikely the USDA would drop it that much. At least not yet.Maybe 18 mo from now when it no longer matters.
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