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Grains & Beans


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Grains & Beans

  #141 (permalink)
 
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 WoodyFox 
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SMCJB View Post
No opinion, just passing along information. Gather the COT report released Friday found large hedge Funds increasing their position on corn. The Funds added 28,824 short positions for the week ending May 26, growing their position as a net seller of corn to 214,575 contracts.

China has halted some purchases of US AGRI.

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  #142 (permalink)
 myrrdin 
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WoodyFox View Post
China has halted some purchases of US AGRI.

And weather looks quite good for the next couple of weeks. Soil is far away from being dry.

Thus, I liquidated my long corn futures with a small profit.

Best regards, Myrrdin

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  #143 (permalink)
 
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 WoodyFox 
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On June 1 in the AM, I got back in corn long 321.75. There has been a heavy imbalance of buys since then, but pretty much in chop around 323. Not sure if the market is setting up for a push long to end this July contract... or just that longer term holders are getting out sooner with the current news and letting the short term algos eat up.

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  #144 (permalink)
 
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 WoodyFox 
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The Buy imbalance is nearing 12000, with heavy buying near 323.50 to 324.50. I will be looking to get out near 326.75 per my strategy. I guess we will soon see?

Here is a snapshot of what I'm seeing:


2020-06-03_2130


2020-06-03_2115

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  #145 (permalink)
 
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 WoodyFox 
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...Hit my take profit at 327.25.

Last View I captured;


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  #146 (permalink)
 
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 WoodyFox 
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Starting to see a little accumulation of sells near 328.25. Doesn't look like the buyers are to ambitious to break out of this range that has transpired over the last few weeks. If the price comes back to 327.25, I will be entering a short. Look for it to come back to that buy zone at 323.5. We still have 14 days left in the July contract...so plenty of time to be right..

Snapshot of what I have so far.
2020-06-04_1241

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  #147 (permalink)
 
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 WoodyFox 
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Have to wait and see on this one...Two large buys came through late in the session. Looks like the big boys may be trying to push corn North. Either way my strategy still has me entering short @ 327.25 if it comes back that far.

Snapshot...Notice the rather large buys.
2020-06-04_1500

2020-06-04_1509

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  #148 (permalink)
 
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 Schnook 
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Nice trading @WoodyFox
Is that the delta you're referring to?

For what it's worth I'm still not involved here. The large spec short base still has me biased long for a swing position but I haven't gotten a good entry. I had hoped for lower but won't rule out the possibility of buying strength for a longer term position. Above 331 or so could trap some shorts.

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  #149 (permalink)
 
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 WoodyFox 
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Schnook View Post
Nice trading @WoodyFox
Is that the delta you're referring to?

For what it's worth I'm still not involved here. The large spec short base still has me biased long for a swing position but I haven't gotten a good entry. I had hoped for lower but won't rule out the possibility of buying strength for a longer term position. Above 331 or so could trap some shorts.

Yes Delta on a granular level.

As you know Corn has been stuck in that range from 310 to 330 since mid April. I'm trading roughly a 3 day hold on average, but still trying to get familiar with it on a longer term basis. I have been trading it for several months now and find it rather easy to interpret so far. Those 2 large buy orders happened at 328.75 and 329...that's knocking on the upper boundary of that range. I don't trade on gut, but I have a hunch it may break out here.

If it does pull back to 327.25, statistically it is more likely to trade back into the middle of that range. Like I mentioned earlier, I will be targeting the 323.5 buy area if it does. This is a nice support area and my calculations put in a buy reversal at 321.25.

Looking forward. The 321.25 buy reversal would be my last trade for this contract...and I might let it try to run (protecting of course) if the conditions are right. I just don't see this contract ending within this range. But then again, I don't like straying of course from my strategies.

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  #150 (permalink)
 
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 WoodyFox 
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My sell trigger at 327.25 is no longer valid. It seems buys are still accumulating at the top of that ongoing range. My next reversal buy signal has been re-calculated to 323.5, which is the center of that heavy buy area.

My latest Snapshot:

2020-06-05_0643



Price 330, which is the very top of our ongoing range, has no sellers. Possible trapped orders being built? Its hit that price multiple times since yesterday at 9:00 PM EST. All the orders picked up their are singles or doubles and more than likely retail traders. The bulk of the volume is still being amassed around 328.5 to 329 and has been mainly big orders (buyers winning). So although leaning North, Corn is not real enthusiastic either way.

2020-06-05_0642

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Last Updated on October 5, 2022


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