Following yesterday’s upside move and the staggering jump in corn open interest (+36K) we have to consider inflation scares as a reason why.
With the recent jump in crude oil prices and today’s expected draw in stocks there is nothing immediate to stop the upside momentum.
I still fear a major pullback in the coming week, weeks, so do not get married to the upside but do not fade the current move. This is a time to sit around waiting for an extreme before acting.

This entry was posted on Wednesday, May 13th, 2009 at 9:37 am and is filed under Grains. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.