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Posted by John
on January 7, 2020, 3:29 pm, in reply to "OI/Market
Thanks, Tango. What you just said could be very significant if borne out, namely that Commercials were likely buyers and managed funds temporarily sellers likely to resume buying. If this pans out the Commercials who have sold this rally since way below current prices have become buyers and managed funds who have bought this rally may resume buying means possibly that we have significant buying pressure coming. Maybe the origin selling has been satisfied and Commercials adjusted their normalized price range to 120-140. So we are between 120-140 depending upon weather. I don't know how Rabbobank forecasts a record crop with the 90 day drought we've had so far. If heavy rains come in next 2 months then maybe so.
John M Moffatt