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Tidbits, Corn Contract Low, Fire at the Paranagua Port, Export Sales 2/24/24

Highlights


March 2023 corn made a new contract low each of the last seven trading days. That did not happen even when Jimmy Carter announced (on 4 Jan 1980) a Grain Embargo on our top corn buyer, the Soviet Union. The 9-day relative strength index is 12.9. Anything under 30 is oversold and 20% is considered grossly oversold. People will be talking about the bear corn market action in February 2024 fifty years from now. We expect they will also be talking about the longest and strongest corn bull market ever in the spring and summer of 2024. Yep, it is entirely reasonable to expect it. 

 

March corn traded below $4.00 yesterday to $3.98½ and settled at $3.99¾, down 6¼¢. It is reasonable to think now that corn has traded below $4.00, the big spec funds have a record (by ~20,000 contacts, see chart below) large short (sold) position, and the commercials have a record long (buy) position, somebody will decide it is time to buy a lot of corn futures contracts and cash corn.

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