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Senior Contributor

OptionEye.....July 1st

Good morning.

 

Happy July.

 

Well, we didn't get anything bullish from the report on Friday and we need something to feed the bull everyday if we are to make it higher. The USDA giving the farmer until July 15th to report on final acres kind of took the market by surprise on Friday. We can only trade the numbers we get and instead of lowering acreage they raised it ever so slightly. As a matter of fact, corn, wheat and beans all had acres slightly revised higher. I guess now we have to wait for the 15th as well as the monthly report to give us any real hope of a decent rally.

 

The options flows have definitely been to the downside with put buyers and put spread buyers. That is where the investors are leaning. Huge interest in the $5.00, $4.80 and $4.50 strikes in Dec. The old low was breached overnight so this holiday week will be a defensive one.

 

Equities are higher, and the 10 year is at 2.52%. Gold is up $2.00 but trading heavy at $1237. This week we get some great signals for the economy with the big jobs report at the end of the week. ISM will be a good one today and Factory Orders tomorrow.

 

A silent salute to the 19 fallen firefighters in Arizona. Such a tragedy.

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4 Replies
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Veteran Contributor

Re: OptionEye.....July 1st

Nothing Bullish???? Did your read the fine print?  Acres reduced in some of the highest producing areas in the country.  Acres added to the fringe areas.  3-I states all down 1 million from 2012 on the report???  Doesn't take into account prevented planting which was kicked down the road.

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Senior Contributor

Re: OptionEye.....July 1st

US farmers have had till July 15th for certification for a long time,  I know that day back on March 31.  that's the last day to enter acres to your insurance agency as well.

 

The June 30 acres number is nothing more then a guess its a joke.  There are no numbers to back them up.  I myself haven't certified any acres yet

 

There is no way that they know we have an increase in corn acres.  

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Honored Advisor

Re: OptionEye.....July 1st

I will repeat....."nothing bullish"???????   Corn and soybean stocks came in lower than the AVERAGE estimates.....    The weather is far from perfect.    This crop is late, late, late.       Get your heads out of the sand.

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Veteran Contributor

Re: OptionEye.....July 1st

The only guy with your head in the sand is the one long, refusing to watch the market lose value everyday.

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