Evening Trade 8/18
After another brutal day on Wall Street, the corn market has pretty much held its own. Some sell-off going into this morning but no apparent panic. 128k contracts traded, a fairly tight range. ho-hum
Dec price currently at 712 and change. Another low-volume evening taking shape.
** my take ** - I have to say I am as bullish corn as I have been in a while. repeated attempts to beat the price into cratering have failed going into last week. I guess anythings possible but it is hard for me to imagine a bunch of sellers waiting in the wings while multiple markets collapse around them. We are also at the bottom of the 710-730 range discussed the other night.
Some selling has brought Dec price down to 710. A couple of large trades but still pretty slow.
After selling off some overnight, prices are rebounding. Currently at 714.