Hedge update on moving old crop corn, and taking profits on spec wheat.

The overnight grain trade may have produced a short-term high, and if you have old-crop corn left to move, this rally needs to be rewarded. The next two weeks are a very bearish seasonal for grains, as it’s the cleansing window for old-crop sales. We are still friendly longer-term and expect December corn to press higher (183 BPA will be hard to attain, and our export opportunities look bright), but this is just a recommendation to clean your bins if you have old crop to move.

On our spec long September Chicago wheat at 640.4, let’s exit on the open at 678 for a near $2,000 gain.