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Senior Contributor

OptionEye March 29th USDA Eve....

Ok gentleman (and ladies),


Start your engines.


Anything I say here will be absolute garbage by tomorrow. I am looking forward to hopefully establishing a trend in this market and breakout of this 6.00-6.50 range we have been in for last 100 years.


I think the most pressing question is 'if we get exactly what the market expects for corn, wheat and beans, where does the market go from here"?


What do you all think?



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Senior Contributor

Re: OptionEye March 29th USDA Eve....

In some regards, we're setting up exactly as we were heading into the January report with the exception of having the market oversold rather than overbought as we were then.  The January report was a neutral report, and we traded limit lower.  If we get a neutral report, I'm betting we bounce higher.  I flexed my hedges and hta's yesterday at the $5.40 level, so I'm hoping we bounce higher.  I haven't checked it out, but a friend of mine called me yesterday and told me the new crop soybean and new crop corn spread is the widest it's ever been at this time of year. 

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