Sunday, July 8, 2012

Corn 7/8 Sunday night open

Last week I scaled in with purchasing an 800 Sept call for 19 cents at 708, as the price came down, I purchased 2 760 Sept calls for 25 cents each at 696, finally I grabbed a 740 Dec call for 40 cents at 688...
The open was a good one, but as I paid too much for the 800 and a touch much for the 740's, at 713 I am just above water... which, to be honest, I am happy to be...
The USDA will release thier next Progress report tomorrow at 4:00, so all we have to do is maintain value, or gain value, into todays close.  I expect terrible numbers out of Indiana, Missiouri, Kentucky and Illionios... Actually, I am looking for a Good to Excellant rating in the high 30's, which should provide a hell of a move upward...
I am skeptical about the S & D coming out on Wednesday and If we have a breakout tomorrow, I may consider scalling out with some profits...
Until tomorrow, hoping to stay above 710 on the Sept contract...