Exports: Sold Unknown 101,600t old crop.
Comments: Deliveries 4 nothing, I’ll wait until next week to see if it expands as mentioned; open interest fell 52,800 led by March off 53,400 (July off 5600) amid very heavy volume. The exports and light deliveries are supportive as the electronic action shows. If I have faith beans have topped out then individually I cannot get excite about buying May corn at these levels. New month coming and next week we’ll decide if new shorts are warranted.
Exports: Sold Egypt 120,000 switched new crop FROM OPT/ORG.
Comments: 1ST China buys optional origin then Egypt takes from an optional origin and I heard talk commercials were bear spreading, buying the Nov./July and 17 deliveries (all street)?; on the charts, NOT A CLASSIC KEY REVERSAL but still an extremely ugly one (but like an un-cute child, it was still beautiful to its mother); open interest fell 14,400 led by March off 17,000 amid very heavy volume. Considering with the above and the weather in Brazil and Argentina’s good crop, any wonder I believe the “squeeze” is done? End of month might make for some volatility or better, shorts and longs were battered yesterday and a light trade expected.
Exports: Egypt buys 295,000t Russian/Romania.
Comments: Some talk a mid west freeze behind the rally overnight, seems to me just a thin market correction to yesterday’s pounding; Canada’s government moves to end backlog of grain shipments that hurting their farmers; no deliveries; open interest fell 4,000 led by March off 6400 amid strong volume. Like the rest, I’ll wait until Monday to reassess what certainly looks like a significant reversal backed (to me) by the falling export sales and NO certain winter death loss here. Or crop problems elsewhere. Happy birthday to me.