03-01-2014 04:06 PM - edited 03-01-2014 04:40 PM
Friday's report was highlighted by the fact that money managers nearly doubled their net-long corn positions to 87,516 contracts in the week to Tuesday, according to CFTC data.
What do you think c-x-1?
In other CFTC news, apparently the President's 2015 Budget, expected to be released Tuesday, will show that the CFTC is expected to get $280 million in funding to hire more staff. The funding would be a 30% increase from current funding levels, according to a report in the Wall Street Journal Saturday. For awhile now, the agency has said it needs more money to be able to oversee the futures markets.
What do you think?
03-01-2014 04:22 PM
Meanwhile, Tom White, FutureRoad.net analyst and CME Group corn pit trader, looks at the week ahead:
"The market continued to trade back and forth last week before getting somewhat of an impulsive move higher on Friday. We still like the long side as the market appears to want to test the mid-line in the pattern up at $4.76 1/2. The back and forth trade is part of a fourth wave that is creating a congested triangle and should eventually make another move higher," White says.
483.4 1.618 range
476.4 Top rule 1 pivot; mid-line
472-73 .618 high; 618 weekly high
452 Weekly low
446.4 .618 low
439 Weekly pivot
435 1.618 range
03-01-2014 06:36 PM
03-02-2014 12:33 AM
apologize for the delay, Mike -- i think the COT told the story in corn many weeks ago with the historic net commercial length...just as it did in spring/summer of 2012.
so now the specs/commercials are unwinding the clock as trends change.
did notice report week ago a large net comm buy compared to previous few weeks.
now we just see the usual - sure enjoying Al's wisdom each week!!!
03-02-2014 09:49 AM
It is time to buy acres. I know, for some of us farmers the inputs are bought and payed for. So no change will happen. On the otherside, higher prices of corn or soybeans now, will maintain or move acres.
03-02-2014 11:16 AM
Just because the inputs are bought and paid for doesn't mean you can't still change your plans. Farmers can cancel those orders just like the Chinese........