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January 16 CoT and Price Action Update

Published on: 21:13PM Jan 16, 2011

Wheat: Nothing changed. Commercials are short, funds long and prices drifted. 

Oats: Prices rallied, funds sold their long positions into the rally and commercials bought them. This should (but may not) be the ringing of the bell to announce price preparing to head down in the next few weeks.

Corn:Last week's prospective price break was deflated this week. A 50¢ rally on which funds expanded their longs, commercials their shorts, makes the bull camp look like a good one. 

Beans: Last week's bean situation looked like a pause in a rallying market. This week saw a price rally, but no expansion of the funds' long position. 

This week corn looks the most bullish, followed by beans, oats and wheat. Eventually, we will get some news out of Mother Russia saying either it looks like wheat will grow this year or that it won't. One might reasonably expect some sort of reaction in the marketplace when news begins to trickle out. Or when guesses trickle out.