03/03/26 Afternoon CommStock Report – Is This The Commodity Classic High?

Attendance at the Commodity Classic supposedly reached a new record.  That was both surprising to me (and apparently the organizers at the event) considering the state of the ag economy.  I did feel that farmers in general were not quite as giddy as last year.  The prior year by the time the event took place, corn had rallied over $1.15 off its low, slowly poking its head above $5 per bushel.  Everyone kept whispering amongst themselves how much old crop they had left to gauge whether they could take advantage of that rally.  I remember following behind a couple of guys as we were walking into the convention, and they were discussing that very topic.  One of the guys scoffed at $5 corn, declaring that he was holding out for $5.50.  That proved to be a mistake.   Ironically, the market appears to be working on another rally during the Commodity Classic.  I wonder if we should start to come up with a name for it.  We have the John Deere low, so perhaps this is the Commodity Classic high?  Like last year, we advised rewarding this rally with additional sales.  We advised selling $5 calls.  I remember the crowd…