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S Illinois | Pretty good bet. At least the “easy” bushels. It will be that last 50k fund shorts where price has to start working harder. Funds sort of look at it like the farmer is still long something along the lines of 1 million contracts(5 billion bu.). While there is no delivery mechanism to force those bushels to move, economics and space will force most famers hands. So the funds only need to worry about the end user going long to get physical bushels before the farmer sells. And with the more recent phenomena of Brazil having 4-5 billion coming on in a few months, supply of longs to offset the short position are plentiful. | |
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As William Prescott uttered
