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Index Funds Continue Rebalancing

January 21, 2011
 
 

This information is provided by Scott Harms - Archer Financial Services, Inc.  800-933-3996.

The index fund long position declined this week due to the continuation of the rebalancing that started a few weeks ago.  In all the index funds sold close to 38,000 of corn over the past few weeks. 

The open interest climbed in all three major commodities this week.  Just another indication of how the agricultural commodities have captured the imagination of traders far beyond its traditional participants.  The volatility was very high this week after Wednesday’s announcement of Chinese demand for Australian feed wheat lead to a collapse, only to be revived on Thursday on strong weekly ethanol production figures and a lower Argentina corn crop estimate. 

The volatility was very pronounced in the July/ December Corn spread which had an almost daily 12-15 cent range.  The market will continue to look for signs of rationing, while the Bulls continue to look to $7.00 plus corn values. 

WMR Market Movement Table 1 21 10

Market Movement Chart 1 21 11

COT 1 21 11

WMR Market Movement Table 1 21 10

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