CBOT Call: Corn Sharply Lower
The USDA report has got to be hugely bearish corn, bearish wheat, and mildly friendly to beans, but it's difficult to imagine beans managing to swim against the tide, certainly for new-crop.
Could we be in for a quick knee-jerk reaction crash in the first hour or so of trade, followed swiftly by a "nah, the USDA are talking sh1t" reversal? We've seen that happen before, but in the wake of a massive global recession??
Official calls are around 10-20 down on corn, 10 down on wheat and 5 up on beans.
I think well see corn heavily down soon after the opening, with wheat down there with it for company and beans also dragged into negative territory.
Where it will end tonight is anybodies guess. Mine is limit down corn & wheat, beans 5-10 down old crop and 10-20 down on new crop.
Could we be in for a quick knee-jerk reaction crash in the first hour or so of trade, followed swiftly by a "nah, the USDA are talking sh1t" reversal? We've seen that happen before, but in the wake of a massive global recession??
Official calls are around 10-20 down on corn, 10 down on wheat and 5 up on beans.
I think well see corn heavily down soon after the opening, with wheat down there with it for company and beans also dragged into negative territory.
Where it will end tonight is anybodies guess. Mine is limit down corn & wheat, beans 5-10 down old crop and 10-20 down on new crop.