Early Call on Chicago
Corn futures are expected to open 1 to 3 lower; soybeans 30 to 70 lower; wheat mostly 18 to 25 lower. Bearish soybean outlooks slammed prices down hard again in overnight trade and they will trade sharply lower Tuesday, too.
Corn is struggling against a wave of selling in the other pits, despite a "bearish" acreage report. It was only bearish to the extent that it was the second HIGHEST acreage since 1949!
I think that the US WILL plant more corn acres than the USDA report shows. There are plenty of stories kicking around this morning along the lines of "we are gonna run out of corn", well I guess the bulls have got to try & find something to hang their hats on. They haven't even got the decency to wait for a proper weather scare! These boys have got to try & make their bonuses somehow, I wonder if anyone has ever explained to this new money the concept of selling it short?
Scream if you want to go faster!
Corn is struggling against a wave of selling in the other pits, despite a "bearish" acreage report. It was only bearish to the extent that it was the second HIGHEST acreage since 1949!
I think that the US WILL plant more corn acres than the USDA report shows. There are plenty of stories kicking around this morning along the lines of "we are gonna run out of corn", well I guess the bulls have got to try & find something to hang their hats on. They haven't even got the decency to wait for a proper weather scare! These boys have got to try & make their bonuses somehow, I wonder if anyone has ever explained to this new money the concept of selling it short?
Scream if you want to go faster!