The much anticipated WASDE report came out at 12 pm. Interesingly Grain TV released several twittees with USDA's number a hour earlier which looked similar to the official numbers later released. Did they know something in advance or just had a close guess? The initial reaction of grain coplex was not strong. Then, soybean started to lead down. The sell off accelarated toward the closing. Soybean was down 39 points alone with corn and wheat down high single digites. None of my orders prepared for extream levels of up and down got filled. However, all of my under water positions got quite releif. I will manage to reduce my call positions with reasonable profit and keep my hedging balanced.
In the equity index front ES tested below last Friday's low but buyers steped in mid morning and pushed it back to Friday's range. I didn't have any fill with ES today. I still expect a test below 1845 unless last Friday's high is challenged soon. I will be patiently waiting to get in late March's positions.
CL continues moving lower. Considering its seasonal trend I will try to sell puts at high 80s when it comes down further.
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