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Veteran Contributor

Sunday night trade, 6/24

One of our members used to give little nightly trade updates, so I thought I'd do one of those tonight.  Corn and beans up sharply so far.  Big time gap action at the open.  Would have liked to have gotten in to Nov soybeans at 1400 but it flew past that at the open and hasn't looked back.  Went ahead and bought at 1410, figured I better get in while the getting's good. 

 

Looking also to buy the Dec corn at 580.  A big part of my trading system entails waiting to enter positions at numbers ending in 0.

 

With the strong open tonight, it'll be interesting to see what happens in the next 24 hours or so.  Usually things are quiet in the days before a major crop report but that may not be the case this week.

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9 Replies
Senior Contributor

Re: Sunday night trade, 6/24

A big portion of this corn crop is already toast. No limit to this corn market......

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Advisor

Re: Sunday night trade, 6/24

I can't get too bullish on anything when it's the end of the month. I'm not sure we won't see some profit taking from traders before they get busy making this market pop...

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Honored Advisor

Re: Sunday night trade, 6/24

One question is....will we continue to lose basis as the price of corn rises?

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Advisor

Re: Sunday night trade, 6/24

....I think it will be inevitable, unless there are spot shortages in various parts of the country. You may see some incredible basis improvements then...

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Honored Advisor

Re: Sunday night trade, 6/24

Agree ,
Basis has been necessary to buy limited supply. Market increases will accomplish the same and probably displace some basis.
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Senior Advisor

Re: Sunday night trade, 6/24

I wouldn't be so sure higher market prices will pull corn. Those who have waited this long for a price run up are likely to hold tighter if heat and dryness destroy potential. As long as dry weather hurts corn one would be tempted to ride it out to see how bad it gets. Corn sales may slow down for old crop. Basis could increase.

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Honored Advisor

Re: Sunday night trade, 6/24

Right now the local cash price is $6,40 based on the current up in the market, I have watched corn price flirt with $6.50 for the last two months, as soon as it gets there 30 / 40 cents down again. I am still naturally long the market and the grip will weaken above $6.50 and very little will be left above $7.

 

I have watched beans do the same with the $14 mark and $15 is my target. I am going to try to ignor the greeds in favor of the needs and wants. The "Black Swan" event possibilities increase with the price.

 

Several of my aquaintences in the Indania area are thinking by the end of this week with No moisture the Fat Lady will have completed her performance.

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Senior Contributor

Re: Sunday night trade, 6/24

Seven dollars ain't a bad price. I going to chance the rest I have and try to hit 8.00 cause I think there could be some wild days ahead of us.
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Advisor

Re: Sunday night trade, 6/24

..Yep, all we had to do was see a limit up day, and basis sank locally 15 cents....

 

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