Corn Crash!

Wow, is this insane or what? 3 weeks later and 30% of the price got knocked off... of course falling oil is keeping the buyers from jumping in, but this much this fast - any views on where the bottom may be?
 
Quote from mrman500:

Does that mean that you are getting long corn? I thought that we might see some support on Dec. corn at $6.00 but apparently not.
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Tempted to get long, but i have a decent size wheat position here already. If corn rallies, wheat should do as well so I might as well keep it as is.
 
I got out of my September corn short WAY to early. I had 1 contract short from 7.41 and long 4 of the August 750 puts at 0.39. I bought the futures back at 6.70 (ahh!) and sold the puts at 0.825.

Man, this move from that level to $5.50 on Sept. is just way too tempting to get in front of and get long corn. Might do something with that in the options market ($5.00 Sept call maybe).
 
Quote from Bingoking:

One year ago the low for the Dec 07 contract was put in on this date.
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I won on a scratch off ticket a year ago today too so I guess that means if I buy another one today I will win again right?
Just kidding of course but I think you get the point.
 
My point being if anyone is thinking of shorting this market now you are too late to the party. There may be more downside action but the returns will be minimal.
 
Quote from Bingoking:

My point being if anyone is thinking of shorting this market now you are too late to the party. There may be more downside action but the returns will be minimal.
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I don't know about that... at this point anything is possible. Every day I look at the ticker and just when I think it can't drop any lower, it goes down another $0.20. But yes, we are certainly due for a correction - corn is looking hugely oversold.
 
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