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Tidbits, Rice and Wheat, Market Commentary on Corn Price 2/26/24

Highlights


Trade ministers from nearly every country in the world gather in Abu Dhabi today for a World Trade Organization (WTO) meeting that aims to set new global commerce rules. While no major changes are expected, one never knows what might happen when that many politically motivated upper-crust people discuss changing the rules.


Typical bearish events are:

  1.  Fear of USDA reports, last one was 8 February, next up is the S&D on March 8th.

  2.  Options expiration day, this past Friday.

  3.  Day before the first notice day for delivery assignment on futures contract, this Wednesday.

 

Option expiration usually causes a bearish price trend in the days before expiration because there is usually more open interest of calls than puts. The big specs want the call options to expire worthless.

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