Things were pretty bad for the past week. I still held two December 2012 corn contracts and two March 2013 corn contracts from last week, all in short position. I was unable to offset all four of them because the price shot up last week due to revisions in stock inventories by USDA. Hence, I was hoping that the prices would stabilize and rise a little. Luckily, at the end of the week, the average of the various agricultural research groups’ estimates for US corn output and yield are 10.754bn bushels and 123.6 bushels per acre, which are higher than the current USDA figures (10.727bn bushels and 122.8 bushels per acre). This drove down the sky-high corn prices a little. The two C3H contracts made a little profit of (756-748.50)/100*5000*2=$750. However, the two C2Z contracts were still losing money (725-748)/100*5000*2=-$2300) and I am contemplating whether to offset them or not.

http://www.agrimoney.com/news/corn-soy-prices-retreat-on-informa-crop-revisions–5073.html

The real looming news is actually the performance of wheat.  I held two contracts of wheat that are losing a lot of money. It was a careless mistake and the two contracts were kind of stuck there. I hope that the scenario would be a little better next week so I will not lose so much money when I offset them.