July corn 502'2 +2'6
Wheat 727'2 +11'2
The premium for Kansas City hard red winter is over a dollar with July's at 831'2 +9'4
From Agrimoney:
The concerns over weather setbacks to US winter wheat, and to spring corn sowings, drove hedge funds to take a more bullish position on agricultural commodities, although sentiment on cocoa declinesd sharply.Managed money, a proxy for speculators, raised its net long position in futures and options in the top 13 US-traded agricultural commodities, from coffee to lean hogs, by more than 56,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator.
The return to more bullish positioning followed three weeks of speculators cutting their net long position – the extent to which long positions, which profit when values rise, exceed short bets, which benefit when prices fall.
Via FinViz:
And it was led by growing bets on rising prices of Chicago grains, as prospects for US production of winter wheat was hurt by further dryness in the southern Plains, while corn plantings were held back by too much rain, and cold, in the Midwest.
Prices retreatHowever, hedge funds did not hit the mark in their strategy, with the ramp up in net long position in corn, by nearly 28,000 contracts to 264,391 lots, preceding a sharp drop in prices....MUCH MORE
Ag Commodity Charts: The Astounding Increases in Breakfast Items
Our only public long was corn, $4.275 to $5.00, up 16.96%.
I didn't make a big deal of it in our March 7 "Corn hits $5, wheat soars on Crimea, dryness fears" post:
This is pleasing.And I meant just that. The numbers behind the "Better put him on hubris watch, doctor" trade:
5000 bushels per contract x $0.725/2,363 initial margin per contract is a 153% profit over the course of 100 days.
So yeah, pleasing.
But that's nothing, basically it allows you to have a lot of losers and still stay solvent....
