No. I still have 2 long K/N20 and U/Z20. IMO the story isn't finished. Trump gave me second thoughts with Mexico but it is still secondary to the flooding.
From Tregg Cronin last week : "We remain cognizant of FOB spreads on the rally for both corn and wheat. Going home last night, U.S. Gulf offers were in the $189.75-190.44/MT FOB range for July-September. These compared to $167-176/MT FOB in Argentina and $178-179/MT in Brazil. Ukrainian offers were seen around $176.50/MT. At some point, if the corn situation is truly dire, we will hear about South American corn pricing into the US-Southeast. In wheat, HRW FOB offers for July were seen at $211/MT with Russian at $194/MT. German/Baltic offers were up at $215-217/MT FOB, but move to a discount by September and especially October. "
I think you are right. I was just trying to find an explanation to what was happening in both CC and C curves.
Only 67% of US corn was planted as of June 2! We might experience a corn shortage! I am seeing a consolidation caused by producers hedging the price corns while oil price is collapsing giving more downward pressure on corn price. Right now, the technical pattern is still bullish, but I don't think we will see any more upward spike until we have either more short sellers or a major fundamental news. I think we will be in a consolidation for awhile.
I call fake spike! Just because a report came out confirming what we ALL already know, it shouldn't cause the price to shoot up like this.