Ok everybody just got back from work about an hour ago and man did it suck!!! Putting in 12 hours a day stacking boxes on crates isn't that fun if you are curious lol!
Like previously said I did dump my 2 july/auggie hog spreads at -1.00......$560 profit there. Looking back they are probably still good but I will leave this trade alone for a little while.
Still short 3 coffee and still short my 2 straddles in dec corn.
I did manage to get 1 long auggie/nov beans @ 15.......beans are going to get a few more acres imo.......however I still think the bulk of acres go to corn.......most don't agree with that statement but think about it, we have great prices and my feelings are most producers have already sold a substantial amount of their crop, have already invested in the necessary measurements to plant corn this year (phosphorus, nitrogen, potash, anhydrous, etc). If they need to replant obviously some will plant beans but my guess is majority of farmers will just plant a quicker maturity corn such as a 90 day maturity corn. Also demand in beans still remains good and stocks could get tight this summer.
I also bought 1 sep kc/chi wheat spread @ 37.......just a play that I feel good about. Not much else to say about it.
I still want to get short sep/march natty gas around .5 but so far no luck. Its a seasonal play and judging from a chart once that spread gets around .5 it sells off......if we break through that level I will know something fundamentally has changed.
I also want to sell july 10.50 sugar straddles.......expiration is in 11 days and I think that trade is literally free money!!! Vol shouldn't go much higher and it looks like we could range a bit before heading on either another leg down or bouncing off these support levels.
Well im dead.......going to take a quick nap before things get active in the markets above today.
Good trading guys!