Tidbits, Put Options Strategy Explanation, Seasonals & Cocoa 2/18/24

Tidbits

CBOT markets will not open until Monday evening.

NOAA released its monthly 3-month long-range outlook for the US, joining several private services predicting warmer temperatures for the summer and potential dryness for the Western Corn Belt.  

Baker-Hughes reported there were 621 oil and gas drilling rigs in operation last week in the USA, 2 less than the previous week and 139 less than a year ago. Canada had 234 rigs drilling, 2 more than the previous week, but 14 less than a year ago.  

CGB at Gladstone Bluff, Illinois (on The River) Friday evening compared to a week ago:

• Cash corn: -16H (Mar), 2¢ firmer than 4 weeks ago

• Cash beans: -13H, 14¢ firmer than 4 weeks ago

March delivery:

• Corn: -12H, 4  weaker than 4 weeks ago

• Beans: -6H, steady

Fall delivery:

• Corn: -40Z

• Beans: -42X

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Seasonals & Puts

For those of you that have no interest in trading cocoa puts, the decision-making process of when and which puts to buy is the same for every commodity.

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