08-01-2013 06:48 AM
Good morning and happy August.
Where does the time fly to...
Corn down 2 to 4, beans basically unchanged with Aug up 6 and wheat down 1 to 2 this morning.
Decent bull spreading in corn yesterday kept a bid in Sep. No deliveries in beans gave August a rocket booster and continued demand stories still giving a boost to wheat over corn moving the CZ/WZ spread out to 198.
Today looks to start off on a quiet note as the trading world awaits non-farm payrolls tomorrow. Stocks are up this morning on figures showing Chinese manufacturing is showing some surprising strength. Oil back to its bullish run to $1106.74 up $1.71. Gold is slightly better at $1325.58 up .33 cents.
We get initial jobless claims and ISM manufacturing numbers to lead us in to tomorrow's figures. Again, we still have a lot of headwinds to get through here and more sequester issues in October and the Obamacare issues in January. I find it hard to think that the FED will begin to taper but we all know crazier things have happened.
08-01-2013 12:19 PM
With the complete collapse of the House and the majority party there the Fed will 'stay on the job'. Every bill that matters has to be jerked from the floor after being introduced when the majority party splits at the last moment. So much for introducing bills that only a majority of the majority approves of.