CoT & Price Action Jan30
Jan 31, 2011
The funds bought wheat while the commercials sold it to them, as usual. The price action was bullish early, bearish late in the week to settle at neutral.
Beans saw funds sell some longs, and the commercial interests bought them to cover their shorts. Even though the daily price action on beans was not much like wheat, the weekly total was similar. This will be another week of waiting to see what the players want to do.
Corn found commercials covering a few shorts by buying from farmers and small speculators while the funds stayed pretty much where they were: long. Price action was really bored. Boring, perhaps, as well, but no one has much of an opinion. Over the past couple of months, corn has been unable to generate much bullish firepower, and it seem the farmers have got it right: the next move will be down. How far down, no one knows -- presumably, not even the Shadow.