SX is down 43 cents as I write this at 9:44. Overnight we were as much as 50 cents lower. 50 Cents is $2500 a contract. If you took my advice and went home short Friday, then I’d reward yourself with taking profits.
If you faded me and went home long, hopefully you had sell stops to protect you. If you didn’t then maybe you finally learned an expensive lesson.
Between Monday and Thursday, if we continue to get lower temps and good rains, that will pressure beans and should move corn and wheat lower in sympathy.
I’d be short looking to take profits on sharp breaks. Liquidation pressure from every Doctor, Pacemaker Salesman, Dentist and cabdriver from NY to LA who bought grain futures in the past 2 weeks could give great opportunities to those of us who sold it to them.
CER.
