Sean Pledger

Currently I’m sitting short on corn and long on wheat and soybeans. I still haven’t managed to cut my losses on soy and it looks like I may have missed my best opportunities. Last week I took what I thought would be a short term money making position on wheat. I took a long position and set a market order to offset it when the price rose by 2 cents a bushel. That has yet to happen, but looking at wheat’s longer term price trend I’m still hopeful. The 3 short contracts I have on corn are all in the money right now. When the price spiked over a week ago I took the opportunity to take short 2 contracts at 756’2. Now looking at prices of 742 I’m feeling pretty good about that. I expected that Monday would see a small jump in the price of soybeans with the markets opening in China after the week off of trading but it seems I misjudged the effect that would have on demand. To this point I’m down by about $6500 from the start of September, but I’m still optimistic and learning valuable lessons every week.