08-12-2013 06:52 AM
Corn unchanged. Wheat down 2 and beans up 9.
Bearish reports out of Brazil and Mato Grasso on raising its corn production expectation weigh overnight with corn trading down to levels we last saw almost 3 years.
Weekend weather was also productive. The 3 year low is $423.75
Let us see what this report gives us today. You never know what the government will give us. I think the average guesses are around 157.6 bushels per acre and just over 14 billion bushels. Either way it is still going to be a big crop.
Soybeans are looking for a 44 bushels with a crop of 3.35 billion bushels. The bean story may not be over just yet.
In other news, this is a fairly busy week economically speaking as we get Industrial Production, Consumer Price Index and Producer Price Index with Retail Sales tomorrow. These numbers will be key to the governments inflation target and give us a better feel for the timing of a tapering..if any.
The jobs situation is clearly not improving.
Equities are off this morning with continuing fears of a tapering sooner rather than later even in the face of a much better equities market in Asia.
The 10 year is stuck at 2.58% and oil is hovering around $105.73 which is down 24 cents. Gold marching ahead to $1324.97 up $10.57.
All in all, Mondays have been fairly quiet but with today's report hopefully we get some action.