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ShelladyOptions
Senior Contributor

OptionEye.....Nov 6th

Good morning.

 

Quiet overnight and as to be expected.

 

Corn unchanged, Wheat up 3 and beans up 2.

 

Demand stories for wheat from Egypt and Iran supportive overnight. Droughts and floods in China giving corn a base. Although very important it is still all about the numbers on Friday. The chatter on the floor is about expectations of a large number in corn. Yield numbers nationally in the high 160's are being whispered around the pits. Time will tell but being short here seems like a lot of risk for not a lot of reward.

 

Equities rally on decent European news and earnings. We will open healthily to the plus side. The 10 year yield sending signals that things are getting better inching up to 2.651%. Gold up $5.95 to $1317.76 and oil up .60 cents to $93.97.

 

The headlines will still be dominated by Twitter and its IPO. I remain on the sidelines.

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4 Replies
p-oed Farmer
Senior Contributor

Re: OptionEye.....Nov 6th

Scott...... FWIW.... I went short last summer and will be looking to get long Friday..... If the report is bearish I will be buying a -.20 or better reaction..... This bear market is getting real old IMO..... Not sure as to where the bear gets his "FIX" once the report is out of the way......p-oed

 

PS.... Talking corn......:~)

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timetippingpt
Honored Advisor

Re: OptionEye.....Nov 6th

High 160's?  lmao...that is hillarious. Not a corn pile in site and yet a record national yield on record acres? Keep em coming Scott. Needed a good laugh this morning. Seems like a great time to be getting bullish, not bearish at this point. The rapidly recovering basis would seem quite at odds with your high-160 humor. Hope your right though, drive it throught the floor.

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c-x-1
Veteran Advisor

Re: OptionEye.....Nov 6th

time:, Scott just forgot to mention it's being whispered around the pit with a decisive "bear trap" wink and gleam in the eye.Smiley Wink

 

i mean corn is seeing 3-4 days consecutive sub 5 cent ranges - first time since 2006 - eerily quiet.

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BF2012
Advisor

Corn Piles

Year before last, during the 2011 Fall,  there were giant corn piles everywhere down here.   When I say big piles, I'm talking about corn piled in piles and covered, and piles with no covering, just piled out in the elemements.   Two largest elevators here only have one pile, and the second pile hasn't even been started save for setting up the augers.    All of the corn is being loaded on rail and heading north and south.???   huh......Something just doesn't seem right about this whole thing.    I heard some guys talking about elevators being full and shutting guys off....but what I'm seeing is they are only shutting off because rail cars are not in yet....even though they have room in their "piles" they aren't piling....but all of this corn is going, going gone to someplace....into some black cornhole....lmao....

 

Is it possible the big surplus doesn't exist...that the pileline was virtually empty, new crop being added to old to cover the fudged numbers.....and now they've beaten the market down to nothing and the greedy **bleep** end users are laughing all the way to the bank.  Another W T F moment in progress

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