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NE IOWA/ SE SD | Chip is a great guy, very down-to-earth. I disagree with him though as oats is no where near representative of the rest of the grains. As Senior said earlier today oats is in the middle of an ankle grabbing session (which isn't over IMO). Oats has its own real world circumstances which has forced a short squeeze.
Corn and beans are in the real world circumstances which are (other than July beans) have surplus stocks, and are looking at great crop conditions that most likely point towards a solid crop. And as Chip pointed out in the first paragraph, low protein wheat is going to ,down the road, be bearish corn (which has been posting lower lows....and give it a week to see where this rally goes, but could post a lower high)
Just my 2 cents.
Edit: last week's COT report showed funds short around 3,000 contracts, which in a lightly traded market like oats.....its a lot. (oats traded 1,879 electric contracts and 1421 contracts in the pit today)
Edited by yoohoo 6/14/2010 21:23
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Chip Flory
