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Says he was shocked by the state of this normally productive ground.
Near-term price action will determine if the recent runup was a bull trap or the start of an extended, sharp price recovery.
Fund money flow is key to near-term price action as the market tries to sort out the delayed start to the growing season, weather and the potential impact to yields.
Says neutral ENSO conditions persist for now.
Price action in futures and basis signal at top is in place -- at least for now.
December corn futures are testing the summer 2012 lows.
Overnight price action signals USDA’s bearish report data is “in” the market.
After the next wave of rains passes, forecasts signal an opportunity for active fieldwork.