Evening Trade 8/22
Dec corn broke thru the 730 barrier last night and then seemed to have a 730 floor thru trading today. Continued deterioration of the crop shown in the latest USDA crop progress report has some additional buyers coming to the table this evening.
Dec price currently at 739 and change. Several large buys pushed the price up to 740, only to stall and settle.
** my take ** - well we are clearly out of the 710 to 730 range that worked so well for several trades over the past week or so. Charting new territory on the Dec contract but with Sept getting booted from the top spot in the next few days it may have the final say in the near term, so I am looking to that for pricing information. Still feeling bullish here. That could change quickly though going into Ben's talk on Friday.
Well this is interesting. Ask at 739.5 has 1032 contracts in the queue. This is almost always a contrarian indicator in my view. No one that REALLY wants to sell a thousand contracts advertises like that. Not in the evening anyway. Could be a pre-arranged sale between two parties as well- either way I have my eye on it.