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Those talks about growing export demand on the CME Group floor must really be picking up -- we're seeing double-digit gains in all pits. Looks like the equities are getting overshadowed, even as they slide into the red. Looks like Scott's dead-on today!
Here's a little more on the export demand talk.
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Well, has everybody had a chance to see Scott's OptionEye comments this morning? He's right on the money so far this morning -- the Dow is 35 points higher, the S&P's 2 1/4 higher, but the Nasdaq's still barely in the red (but climbing). Still, it's enough to buoy the grains -- corn, beans and wheat are all higher.
Now that this Sandy rip's petering out over the eastern Corn Belt and northeast now (though the folks who are still getting rain and snow from her probably beg to differ!), I thought I'd share these shots -- sort of the "before" and "after" story that a friend of mine sent me. He (an Iowa boy originally!) and his wife and daughter live in New York City. Here's what he sent me:
He said it was the craziest storm he's been through, and that's coming from a guy who grew up in Iowa with tornadoes and blizzards. Said the grocery shelves are still bare and may not get restocked for several days yet. So, they're kind of sitting tight and waiting!
Oh yeah, and by the way, USDA will be releasing this week's Crop Progress report this afternoon. Sounds like it may not look a whole lot different than last week's report. That breakneck, record harvest pace of a couple weeks ago seems like a distant memory!
Another great post here by ECIN. What a great wrapup of his crop year! Let's hear everybody's 'Year in Review!'
More in a few...
JC
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Good morning, everybody. Well, we survived "Beggar's Night" and the 4-year-old managed to snag enough candy to keep us all fed for a week. Nuts.
Hey, this overnight trade looks like it's just as sweet for the bulls -- as of 6:25 AM CST, the December corn futures contract was 4 1/4 cents higher at $7.46 per bushel, November soybeans were 10 1/4 higher at $15.46 3/4 and December wheat was 9 1/2 higher at $8.86 1/4. So, looks like yesterday's strength may continue into this morning's open.
But, remember what Scott Shellady said yesterday about the stock trade being lower when it reopens? Well, that's apparently happening this morning. They must have stocked up on hip waders! Here's what Scott told me yesterday, in case you missed it. If he's right, we could sure see some bearish pressure today despite the stronger prices now. What do you think?
"I think it will busy. [Today] is end of month. Friday is non-farm payrolls, Election next Tuesday...Lots of positioning needs to take place. 2 days of trading needs to get caught up...I think equities open lower."
So, will this be enouhg to kick the grains down into the red today, or do we stay afloat?
An even more important question today: If these grain markets were one big Halloween costume, what would it be?!
Go get 'em, everybody! More in a few...
JC
