$5.225 down 2.15% last I saw.
Managed money traders have whittled their net exposure to the corn market back to its lowest level in close to two years lately as a near-record-large corn planted area total weighed on market sentiment as the 2012 growing season got under way. Souring economic confidence stemming from economic and political disarray in Europe also sparked a broad shedding of risk by large speculators in recent weeks.
But managed money traders may soon ramp up long-sided bets once again, especially if the hot and dry growing conditions across most of the Corn Belt cause further crop deterioration and the upcoming U.S. Department of Agriculture crop report reveals a tightening in U.S. and world corn inventories.
SETTING THE TONE
While Managed Money (MM) traders are just one of several categories of participant in the corn market, it is arguable that the predictive and fast-moving nature of MM positions makes the MM crowd one of the key barometers of corn market in terms of price potential and speculator mindset.
As the name suggests, MM traders 'manage' money on behalf of clients, and so tend to be focused on securing fairly short-term returns within the markets they trade....MORE
WASDE didn't help so now a turn is dependent on drought and hail.
Maybe locusts too.