This entry will be short and sweet. I believe the rally we have seen in the past month in the corn, culminating with today’s high settlement in CZ at 471 3/4 is over done. Not to say we won’t eventually go higher, the settlement above 430 2 weeks ago indicated that we will eventually go to 5.60 or higher.
However, everyone I know is a bull. The funds are long 430K contracts. We rallied hard today into the close.
I would not be surprised to see a correction here, regardless of what the USDA says tomorrow.
I would want to be short going into this number. Short Corn. With a protective buy stop above the market.
I would like to get long corn after we have a 25 or 40 cent break.
That is all.
Tomorrow at 9:31, we will know. That is the first minute after trading. The 2 hours of jawboning between the USDA number at 730AM and then will just be people talking their positions.