The CZ short position is paying off.
CZ traded back down to the 5.11 low. Remember 5.71? Remember the 10,000 July dated 5.50 puts that went off worthless last week?
This market is looking orchestrated by the funds.
The USDA has increased acres of planted corn. up to 97.4 Million acres. Up from last year.
All the talk about delayed plantings, 3 million to 11 million acres lost…. seems like just another bullish opinion.
We’ll see if we can settle below 5.11. If we get favorable weather, I don’t see why we dont’ see 4.50 corn.
Adios corn. Adios wheat. See what transpires but right now its, going to take an act of God to get Corn higher.
Maintain short position in CZ. This looks like it has at least another 40 to 50 cents to go.