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| On March 31 the acreage intentions will be released & also the stocks in all positions covering usage for the december-february period.
Until then, the major news will be limited to weekly exports & livestock reports.
Winter wheat weather will be a consideration
The daily considerations of gold & the dollar & stock market.
If the funds decide to cash in a little in this period and get themselves in a position to go into these late March reports from the long side...from lower price levels...we face choppy markets unless some startling event occurs.
If this were the old days i would be hitting every hard spot (rallies) in size in this market & grab 20 to 30 cents on the downside in search of stops. I would do this until proven wrong. Much as Ag Trader is doing. Price generates volume..lower prices bring longs out of the woodwork....higher prices bring out the shorts.
Why? Because folks are too bullish in here. In corn, as of last wednesday, there were 1.24 long contracts for each short in old crop corn, 1.56 in new crop; 1.46 spec longs in old crop beans for every short contract & 1.62 in new crop. In other words, in order to experience another leg up in the next 30 days, the shorts have to be pressured...
I don't trade that way any more...am long term...but expect some bumps in here the next couple of weeks if these funds decide to cash in.
The period between Feb-March is frequently subject to price corrections. I am a bull in here, but extremely cautious.....
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Overview
