The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results
Neighbor stopped over bitching about no money in corn this year
Had to remind him that Dec 23 corn traded above $6 for 7 months and above $6.50 for 30 days
The conversation was pretty short
4-year low closes in corn and beans
$3.97
$10.08
Funds will continue to sell right into September option expiration when a ton of old-crop will get priced
Seen this horror movie before
Nationally known hedge company recommending their clients sell corn on a 2-year low today
Was $6 or $5.70 not good enough?
People pay for this garbage?
LRP underwriter sells feeder cattle futures to hedge their exposure
What could go wrong!
Feeder cattle down over $50 in last two months
Feeders took the entire 12-month rally back in 2 months
FEAR and GREED!
Got brokers out there saying this year is repeat of 2014....corn going to $3.20
"Buy these puts and make $150,000 or $300,000"
Where was this recommendation a month ago when corn market was 50 cents higher?
Sell the fear! Sell the greed!......garbage
BOTTOM LINE
2.156 billion corn carryout
Highest in 5 years
Stock-to-use ratio 15%
Historically that would translate to corn futures in the $3.50-$4.25 area
Corn hits the 50-day moving average for the first time since June 14th
Next upside resistance $4.24
That would be a 40- cent rally off the $3.85 low
LFG!
Ilinois state corn average 203
I thought they weren't going to make 150 bpa?
Ilinois so far has best yield; Iowa edged them out on total production by 300 million bushels
This is not your grandpa's corn seed....
Farmers holding massive supplies on farm
5.08 billion bushels of corn on farm
933 million bushels of beans on farm
On farm supplies for both corn and beans up 24% from last year
$5.91 CZ spring insurance price
$13.76 SX spring insurance price
Soon it will be time to buy calls to protect that payment
Producers have zero interest selling at these new crop prices today
Iowa temperatures have dropped out of bed
92 yesterday
77 for a high today
Next two weeks most of the lows during the night are in the 50 degrees
70% of Iowa corn will be tasseling in next two weeks
#corn
10-month low in crude
Crude will weigh on every commodity
China is too blame with their zero covid policy
$6.60 corn, $14.50 beans and $9 wheat......yeah plenty of room to the downside with the funds long a bunch of grain
Feeding dairy cattle chicken litter.....that is suspected reason for the mess we are in....nasty bastards
Human death from bird flu over in England
This story not going away anytime soon unfortunately
I-states down 950,000 corn acres compared to last year
Minnesota down 700,000 acres
Missouri down 300,000 acres
Wide open spring weather with as dry as it is will encourage keeping the corn planter rolling
Corn acres reported on the June 29th, 2012 report 96.4 million
Expectations for acres this Friday....91.8 m corn acres
Stock reported on June 29th, 2012 report 3.15 billion bushels
Expectations for this Friday....4.25 billion bushels
December corn on June 29 closed at $6.22
Trade is predicting the report to drop corn yield to 175.5 compared to July's 177.5
Weather since July WASDE has made this crop bigger not smaller
Why would the USDA reduce the yield by 2 bpa now?
Not buying into the yield reduction yet.....staying short corn for now
Funds record short corn 329k contracts as of Tuesday close
I bet it's closer to 360-380k after price action Wed-Friday
Funds short 1.8 billion bushel vs. the farmer long 4-5 billion bushels in the bin
Funds will continue to sell corn without a weather problem
Funds are short 109K contracts; long ways from their record short of 322k contracts
They are selling before the US farmer sells any new crop....US farmer sold on new crop maybe 15%
Weather rules the corn right now
Crude oil price plunge continues; down $17.50 in the last two weeks
$75 needs to hold or next support down at $63
China economy which is in shambles continues to provide the fuel for the sell-off
Key reversal higher confirmed....strong close!
Upside targets from here....plan accordingly
$4.83...50-day moving average
$4.96....100-day
$5.10....high from Oct 20th
$5.25...gap on chart from July
RJO technical analyst
A break below 481 easily opens the door to $3 corn..."easily"
This is what the computers trade will be shooting for; funds are short
480 corn put for next 6 weeks 13.5 cents
#corn
Corn acres reported on the June 29th, 2012 report 96.4 million
Expectations for acres this Friday....91.8 m corn acres
Stock reported on June 29th, 2012 report 3.15 billion bushels
Expectations for this Friday....4.25 billion bushels
December corn on June 29 closed at $6.22
USDA prints a 15 billion crop and corn rallies 32 cents off the lows
On the verge of putting a weekly reversal higher on the charts with a close over 509.5
Commodity trading is fun 🤪
#corn
March corn new contract low close
472.75
470 looks like a cliff on the charts
Short term 455 is next downside
Long term don’t want to know…but it starts with 3 handle
40 minute wait to get seated @ Texas Roadhouse
Beef demand is strong!
Best $30 bone n ribeye I have had
Would have been double that price at any other steak house
Horrible opening in the
#grains
if your a bull
Producers need to protect this rally with cheap short dated Sep put options!
No on knows what the weather will be last two weeks of August but this has been historical rally in the beans
Corn has rallied 85 cents off the lows from July while beans are $1.75 off the lows.
Sell grain when the trade is worried about the size of the crop!
Buy March calls on the bushels you are selling.
Great rally before harvest!
RJO raising margins on cocoa to 150% of exchange minimums
Also they will be decreasing position limits in cocoa for some accounts
Beginning of the end?
#cocoa
Steer weights 23 lbs heavier
Heifer weights 22 lbs heavier than last year
Every 8 lbs adds 1% more beef into weekly production
IMO cattle puts are must for the next 60 days
Beans gap lower to begin Sunday night
Jan beans $13.00 next downside target
Then $12.70 and $11.60
Don't be in the camp that it CAN'T happen......look at the cattle
Prove it day for the grains
Would like to see the grains trading higher by 9:30 this morning
Spring rallies tend to end just as they started…..quickly!
Corn trading below the 20-day MA for the first time in 7 trading sessions
Grind lower to next support down at $6.55 which is also the 100-day MA
Buy feeders!
Take from the trade desk today....
Very little interest in buying corn puts after 80-cent rally; protecting $14 beans off the combine
Feels like bank robbers counting the money before they rob the bank
Farmers are bulled up!
518 in December corn is the new technical line in the sand
575 still remains upside target and resistance
I would have orders to sell cash corn 570-573
#corn
December options expire Friday....corn is heavy on the call side
670 calls 17,045
700 calls 26,532
750 call 24,716
Look for a close Friday below 670
On the puts 650 has 16,133 open interest
A close above 650 Friday is likely