Corn has been locked at -40c for awhile, the new expanded limits for May.
The old limit was 25c. We would have been down that limit yesterday and been down the expanded limits today.
Beans and wheat may be shooting to get there too.....but they didn't have nearly the record massive fund long that is bailing.
The new limit for beans is $1 and for wheat its 45c
Funds were just too long and the weather turned bearish Sunday Night. When they cover, after the buying exhaustion last week, they all head for the door at the same time and sell as much in a couple of days as it took them many weeks to accumulate.
The most bullish news is out and the most important NEW news, is weather............and its bearish.
OK, new crop corn has been able to come off the limit, so this is better than being locked and is a good sign....probably means that beans and wheat will NOT go limit down.
Never have I planted in better conditions than this spring. Every field end to end side to side was like a garden plot.
The moisture situation here in NW Iowa will be hand to mouth but our subsoil isn’t totally without moisture. If we get a couple nice rains this month we will be off to our best start ever.
I have heard of a couple beans fields that may be replanted due to germination issues and some frost damage.
Thanks mcfarmer,
That's a big part of what has caused this spike down.
Incredibly, new crop corn has made up almost half of the losses from earlier.
Not sure how much higher we can go than this but I don't have a position at the moment. It all depends on what the funds feel like doing.