06/25/2025 You Can’t Call it a Comeback, Unless

On the Grains
You can’t call it a comeback unless you are down, which corn is surely down, pushing calendar year lows (Dec 25) yesterday. Funds continue to point to the weather and pile on. You know what happens when the boat gets heavy on one side? It capsizes, or, in commodity terms, capitulation occurs. The longs are starting to get weak in the knees, which is justified given the ongoing war in the Middle East that can’t even move this market.