One word. Bearish. 12 year high in corn carry out.. 12 year high in supply. How we were not 30 or 40 lower in corn, I have no idea.
World wide carry for beans is 265… trade was looking for 225 to 230.
SN traded to top of its range at 1421 with a high at 19 1/2. We should be lower, in my opinion. I have my guys short.
Huge global production numbers world wide. They lower production/ raised demand and still came out with a 2Billion bushel carry out.
They lowered yield by 5 bu acre. They upped ethanol and Upped exports and cattle usage.
The market got this number, thought about it, and then went right back to trading the weather forecast.
Stay short. But have stops and protection of some sort, in case we get the bull story rebound. I’d be short grain.
CER