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Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
Corn prices remain on shaky ground as ethanol production slips, stocks rise and talk of Chinese "cancelations" continue to run wild. This morning export sales numbers might provide a little bright spot and help stabilize prices for the interim, but I still remain concerned about the back-end price risk associated with the new-crop. Funny to see China listed as a buyer again of US corn this week while all the headlines continue to talk about the "cancelations." Not much new to report this morning. Producers should continue to keep hedges in place and longer-term spec's should only be playing the game from the bearish side of the fence. Short-term swing type traders can consider bull-spreading the front-end and or looking for a small bounce during the next few weeks. Exports today were at:
Corn sales were reported at 827,100 tons for 13/14 and 45,200 for 14/15. The trade was looking for a combined number between 550,000 and 750,000 vs. the 695,000 reported last week. CLICK HERE for my daily grain comments.....
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