I have to admit I am a little befuddled by the current market. Always best to be on the sideline waiting for some enlightenment in that case. The USDA progress report today was slightly down, but that was expected. Better weather got pushed out a few more days, but that was kind of expected too. At this level the market seems to be torn between going higher and going lower. Basically a coin flip at this moment in time IMO.
1955 ET
After some initial buying, the Sept price has leaked down to around 702. Volume is decent.
** my take ** - playing a waiting game right now. perhaps the market will give us some direction sometime soon.
2230 ET
Prices continue to trickle down, not much though. Sept contract at 701.
