After risking 15 ticks looking to make 40 to 60, we are out of the Gold long spec.
As harvest gets under way, corn yields are better than expected. Bean yields are still a question depending on the damage done post Labor Day with the dryness.
For now SX has support at 13.00 and CZ has support at 4.45.
We have a week before another USDA report and then 3 weeks before the October 11th S/D crop progress report.
I still have corn short positions on since 5.70 and 5.60, although w have taken about 3/4 off the table.
$1.00 plus profit. For those still bearish, Buy a 4.00 CX 4.50 4.40 put for 7 cents or $400 bucks a contract for the next 31 days.
I’d rather have 7 cents in the game now rather than $1.50.
CER