08-20-2013 07:48 AM
Crops lower on profit taking. Down 5. Beans are down 13 and wheat down 4.
Weather still an issue. We have been dry around Chicago for awhile now and don't see any relief in the near future. Yesterday's crop ratings were lowered on dry weather at the USDA but profit takers are winning the day so far this morning. Buy the rumour (although its not much of a rumour) and sell the fact.
Equities may stem their slide this morning with beats by Home Depot and Best Buy. Bricks and mortar are making a comeback?
The 10 year is at 2.82% this morning after having made a move towards 2.90% yesterday. Oil is off again at $105.98 down $1.12. Gold is little changed at $1367.80 up $1.82.
Still having a big debate over the taper, we have the debt ceiling coming up and Obamacare in January. Who really wants to rock the boat more than we already are with a new Fed chairman?