Anybody else trading corn?
- Thread starter joederp
- Start date
I have many clients in Corn butterfly spreads at the moment. Seems like everyone took just about the same position at the same time as confirmed by our recent group webinars. If I was any more specific about that particular position I would get lynched by clients. But, to answer the OP's original thread question, yes Corn has been a very popular spread trade with my clientele this year especially and we are playing a little further out in the curve.
Currently sitting on a long dec corn from 439, Sl 435. Looking to exit at 549.
Monday might bring out some vol and this might continue trending downwards.
However its really hard to say because i feel that too much bullishness in crop supply has been priced in already.
Secondly, it has been seeing some good support.
Monday might bring out some vol and this might continue trending downwards.
However its really hard to say because i feel that too much bullishness in crop supply has been priced in already.
Secondly, it has been seeing some good support.
Looks like your near-term perspective played out today, ergo, what a zinger.
I was pretty heavy on the long side last week, sold most on pops & now in with a few contracts long...holding the bag for now. Per USDA's Grain Stocks report today:
"Corn stocks in all positions on June 1, 2014 totaled 3.85 billion bushels, up 39 percent from June 1, 2013. Of the total stocks, 1.86 billion bushels are stored on farms, up 48 percent from a year earlier. Off-farm stocks, at 1.99 billion bushels, are up 32 percent from a year ago. The March-May 2014 indicated disappearance is 3.15 billion bushels, compared with 2.63 billion bushels during the same period last year."
Pending a known report/event that might spike prices, looks like I may exit the current long & wait for a confirmed breakout trend.
I was pretty heavy on the long side last week, sold most on pops & now in with a few contracts long...holding the bag for now. Per USDA's Grain Stocks report today:
"Corn stocks in all positions on June 1, 2014 totaled 3.85 billion bushels, up 39 percent from June 1, 2013. Of the total stocks, 1.86 billion bushels are stored on farms, up 48 percent from a year earlier. Off-farm stocks, at 1.99 billion bushels, are up 32 percent from a year ago. The March-May 2014 indicated disappearance is 3.15 billion bushels, compared with 2.63 billion bushels during the same period last year."
Pending a known report/event that might spike prices, looks like I may exit the current long & wait for a confirmed breakout trend.
Everything in point, i would look to sell december corn now @434, SL 445,
Rain makes grain.
The U.S. Agriculture Department forecasts record yields this year: corn at 165.3 bushels per acre and soybeans at 45.2 bpa, equating to record harvests. Some analysts are penciling in even bigger yields, as high as 170 bushels for corn.
Flooding will only affect 1-2 % of the crop and the mild summer and abundant rainfall will more than offset the flood damage.
The U.S. Agriculture Department forecasts record yields this year: corn at 165.3 bushels per acre and soybeans at 45.2 bpa, equating to record harvests. Some analysts are penciling in even bigger yields, as high as 170 bushels for corn.
Flooding will only affect 1-2 % of the crop and the mild summer and abundant rainfall will more than offset the flood damage.
Did you?