1) funds are still long 70K estimated beans. short 220K estimated corn.
Why when we get good exports did we see beans only rally a nickel.? SX made it back to the 13.00 print. What a gift. Just Tuesday we were down at 12.68, sweating out the longs who took beans after expiration. I had been long, but got stopped out for a 7 cent loss vs. a 30 cent loss.
So.. I am selling rallies here in Jan beans. In front of next Friday’s USDA report, I look for beans to head south again. In Jan the recent low was 12.64. We are trading right at 1279 now. That’s a 15 cent downside target. Risk it to a close above 87.
Gold what happened? we didn’t get the 1375 print I was looking for. The high was 1361. Today we are at 1324. If you bought last week and used a trailing sell stop, you should have locked in a profit. I had been long against 1338. I had stops at 50 and 55. and the last was at 1340 for a push.
Gold is still in a short term up move. 1320 is support, and then 1307 is good support. I’d initiate longs at 13.07 if we get that flush. we are 4 bucks from the 1320 level as I write this. Buy here but keep your stop really tight. I’d rather buy at 1307.
CER
