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NW Indiana | Yes the COT is surprisingly bearish showing the funds did manage to cover a large portion of their short through Tuesday. I would agree that they should be nearing net neutral beans and getting there on corn however they have done so with a fair amount of new longs being added so there is still plenty of shorts under water. The question becomes do they get long with corn really showing the possibility of a major decline in ending stocks? Have you noticed how the usda has quietly raised demand 150 million in the last two reports? I suspect before its all said and done old crop carryout ends up around 1.9 billion. There is a very realistic chance new crop could end up in the 1.5-1.7 range with a reasonable crop. | |
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USDA not super bullish but price action confirms higher prices - Market comments
