I wasn't sure there was anyone else out there!
I actually got back in to ZCZ3-ZCU3 and ZCZ3-ZCN3 early last week at -.32 and -1.30, respectively, as I liked the price action which appeared to be stable at those levels after the crop progress report turbulence. I sized these two related positions at 3 Z-N to 1 Z-U. The first is pure new crop-old crop, the second new crop-old/new crop as by September delivery some of the southern US corn is ready for delivery.
Now it's a tug of war between old crop demand and prospects for the new crop. Today's action suggested new crop Dec was not in as good a shape as anticipated, with a nice move upwards.
I actually got back in to ZCZ3-ZCU3 and ZCZ3-ZCN3 early last week at -.32 and -1.30, respectively, as I liked the price action which appeared to be stable at those levels after the crop progress report turbulence. I sized these two related positions at 3 Z-N to 1 Z-U. The first is pure new crop-old crop, the second new crop-old/new crop as by September delivery some of the southern US corn is ready for delivery.
Now it's a tug of war between old crop demand and prospects for the new crop. Today's action suggested new crop Dec was not in as good a shape as anticipated, with a nice move upwards.