Market Commentary for 6/23/23
On Friday June 30th, the USDA will report on the number of acres planted and how much old crop remains in storage. Combine this with weather forecasts, and the next two weeks may provide the most important indicators of market direction for the rest of the year.
Even though the information in this USDA report is important and could affect the market, price direction will continue to be most impacted by July weather.
Market Action – 2 Sold Calls
Sold Call #1
Throughout the winter months my straddle strategy worked well and provided some additional profit during a relatively sideways market. However, by mid-April I was concerned prices could drift lower through late June. Therefore, on April 19th when July corn was trading $6.40, I placed a trade to maximize profit potential if that happened. On 10% of my 2022 production, I sold a $6.75 July call for 11 cents.
By JON SCHEVE
June 26, 2023
agweb.com
Comments