06/03/26 Afternoon CommStock Report – Managed money overdoes it on the way up, and on the way down.

The corn market has once again given back all its war premium and then some, falling below the $4.70 region.  The back and forth between the on again – off again conflict between the US and Iran continues.  One interesting consequence with war is it tends to invent new technologies (think GPS, early-stage computers).  This war has created a new word.  That word being “quasi-ceasefire” – used to refer to the pending conflict between the US and Iran.  It appears to be an oxymoron such as “quasi-diet”.  In this scenario, I believe it means either side promises not to fire on the other….unless they get a clear shot.   While traders appear to want to believe that the Strait of Hormuz will reopen soon, the current standoff is less encouraging.  Online bets place the chance at opening the Strait of Hormuz by September 1st and 50%.   The market is growing tired of the back-and-forth stalemate.  Crude oil and corn are trading in opposite directions to the start the week.  Bulls will want to keep attention on the quasi-ceasefire but may find it difficult.  The weather outlook is positive, and as such will increasingly apply pressure to the market.  The dry…