The funds are net short about 120K corn contracts. They continue to be net short Chicago Wheat as well. They are still long about 75K contracts of new crop SX beans.
4.50 is where were are in CZ 6.45 in WZ. SX has bounced back here to the 12.00 level.
I’d remain short CZ. We have been net short against the 5.65 to 5.70 level for quite some time. Roll down protective buy stops and sit tight.
I continue to be short Dow Sep against the 15500 level. We only settled above 15500 3 consecutive days. I was stopped out of about 1/3 of my position, but I continue to look for a correction down to the 15000 level.
Today’s low toyed with the 15,300 level and we have rallied back to 15,382 currently. First support to the down side would be 15,169.
Second would be 15,036. Third would be 14,900.
That’s about it. USDA comes out in less than 2 hours.
CER