02-06-2013 08:49 AM
Corn down 5. Wheat down 3 and beans down 10.
Gold is up a tad with oil off about a dime. Equities are lower as well.
Are we doing well? Are we better off? Is this a recovery? Those are the questions here on the floor in Chicago. Is the $trillion we spend this year going to get us a GDP of something better than 2%? Can't believe I just asked that question.
02-06-2013 08:53 AM
What does this 'Chart of the Day' tell us about where the economy has been or may be going?
it currently takes less than a mere 8.5 ounces of gold to 'buy the Dow' which is considerably less than the 44.8 ounces it took back in 1999. Priced in gold, the Dow has been in a massive 13-year bear market.
02-06-2013 09:09 AM
Are the subsoil moisture levels below LaSalle and Jackson streets built back up? I know that you said things were a little dry there for awhile?
I digress. Maybe you or Jeff (your sidekick) can offer up some perspective on what the 'open interest' levels look like in corn, soybeans and wheat? Also, can you take a glance at the current COT (committment of traders) data and tell the folks what it is telling us right now about how long/short the managed money, merchants, producers and end-users are respectively?
Also, what is the buzz in the offices on the upper floors of the CME Group. What are all the "smart" industry people talking about: Spreading July/Dec corn, July/Nov beans, drought prospects, the Dollar, cold weather, Crude oil, Europe, China, the Cubs and White Sox etc.? What do you hear?
All or some of this might be interesting for the folks to hear about. Use charts or some graphics if you like. By the way, the CME Group is contemplating shutting trade down during report releases, maybe reducing trading hours. What do you think and what do your trader counterparts think about this? Do they care, will it matter, or is there ambivilance? AND, the KC wheat futures are coming to Chicago's pits. What will this mean for wheat futures? Right now, Chicago has very little activity in the wheat futures pit, it's all in the options pit right? Will this help with volume? Will more money flow into Chicago via KC wheat futures interest?
Scott, if you could throw a few 'logs' on the fire here that would be great. Thanks.