CoT

Published on: 09:38AM Jul 30, 2011

 CoT for corn was little changed this week. Price action was not bullish, and waiting for a week to find my entry leaves me dubious about the future. On the other hand, it may be only D.C. idiots that are messing up the pricing.

Bean price action was distinctly bearish this week, making beans look like they want to go back to $13 or below. Contrariwise, funds got a bit longer and commercials a bit shorter this week.

Wheat, the least bullish for a good while not, was the least bearish. Commercials expanded their longs -- commercials aren't usually long this time of yer -- to the highest levels seen in a year. Evidently, they fear that when all is said and done, there will not be enough wheat to go around. 

I'll not be selling grains for the next few months, and still expect to see price rise, but my expectations are not the force driving the markets.