Funds Get Aggressive This Week

February 4, 2011 11:11 AM
 

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

The funds continued their aggressive buying in both corn and soybeans this week. The open interest as of Tuesday is record large in both soybeans and in wheat. The trading funds hold their biggest net long position in corn since last October while the index funds hold their biggest net long position in corn since last September.

The corn market seems to correct its frequent overbought status by simply trading sideways for a session and a half before continuing its march toward $7.00. The late rally to corn on Friday left many analysts and traders searching for answers. Before Friday’s market opening there was a sale of 100,000 tons of corn announced to Japan. 

Perhaps the some in the trade feel that this purchase was made on behalf of another Asian country. The market will have a lot to sort out next week 

Weekly Prices 2 4 11

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COT 2 4 11

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