70 cent trading ranges in corn and beans. 60 cents in Wheat.
for the week, old crop corn lost 57 cents. New crop lost 15 1/2. Old crop beans lost 23 cents on the week, while new crop remained unchanged. Wheat lost 15 cents on the week, even after rallying back 17 cents here today.
If anyone tells you they are catching all of these moves, they are lying.
This is all about 1) weather, 2) china and 3) the outside markets.
Wednesday saw a 4 month low in the Dow, a 7 month low in crude oil (crude dropped 21 dollars a barrel in 8 weeks, and you have not heard a peep from politicians or TV anchorman about speculators now…
All they can agree on is that Face book is at fault for over valuing their stock. How about the idiots who bit the hook and took the bait… Are they owed a profit? It seems like watching TV and Radio Heads, that some how they are owed a profit, and if not, then call a lawyer and get paid one way or another.
What a joke.
Today I bought short term 1-week corn calls for 5 cents. We’ll see what happens to those on Tuesday morning. If the rains don’t show up, we’ll be in good shape. IF not, it cost 5 cents a day to be long for the whole week.
CER