Re: C o r n *Limitup

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In Response To: Re: C o r n *Limitup ()

Today is just technical fund short covering from report and people that want to get onboard, because they slept through the report. After today, nobody will remember the WASDE report. Now it is all about weather. Only 25% of South America (specifically Cordoba, Argentina) for the next two weeks that has some concern over dryness. This is due to the overdone GFS weather model. By fri they could put rain back in the forecast. Next stop could be 7.70 basis March if rain is going to be a long term problem in Cordoba.. As of general weather reports, there is a 40% chance of rain in Cordoba of rain on fri when temps drop. On Friday will see how the funds want to position themselfs into next week weather. Personally, I think the trade is trying to make a weather market, when there is really is not one. US corn is still highly over priced compared to South American corn. Until prices come down, our export market will continue to suffer to the point of extinction (which has been the case the last 4 months).