so many requests I can't get to them all
I will need to say it once for all to understand. I am treating this as a short covering rally. It should be an absolute gift to rehedge at 9.50-9.60. I don't currently think it will have the strength to cover the gap but we shall see. Simply if the gap stays open it is an ominous sign for the bean market that it is all the strength it has in a short covering rally. We arent even at the gap target of 8.30 if this is an exhaustion gap let alone if it is a measuring gap. If you plan on selling any off the combine for cash flow purposes this would be a good spot to do so. Anyway I will get critisized either way from the long or the short so fire away.
Re: so many requests I can't get to them all
So, you cashed yoru hedges and are now a speculator? Do you expect to put your hedges back on and protect your cash for an anticipated move down? I guess I'm assuming you have actual crop to protect and are not just trading the market.
My initial reaction is that if one thinks this is a short-covering rally that will turn down, it is safer to simply leave the hedges on and let the roller coaster ride through. It may be a good time to add some hedges if one is light on them.
It is always interesting to me to see how producers waiver between hedging and speculating and one wonders if farmers have a consistent marketing philosophy or sway with the tide. Hedging is pretty boring, I will admit.