03-04-2013 07:54 AM
Well, should get some decent news this week.
Non Farm payrolls on Friday as well as the USDA. I think that this week will be dominated by Europe and whatever perceived affect of the sequester cuts.
Equities are off their lows overnight...seeming a bit sluggish but they have the backing of the Fed. We look to be in a big upward trending channel. I am afraid to buy with both hands but that is exactly what is pushing us higher. The Fed and those that have missed the boat. I am a little leery on how this will end.
Wheat about 5 lower, corn about 2 higher and beans hovering around unchanged.
We are going to get an even tighter view of the economy this week that should help in assessing the trend.
03-04-2013 08:52 AM
OptionEye, here is some news that might be considered bullish.
Corn and Soybeans under loan. (millions of bushels) As of Feb 26 each year.
Corn: 2013 362 sealed/280 outstanding
2012 565sealed/436 outstanding
2011 784sealed/631 outstanding
Soybeans: 2013 57sealed/36 outstanding
2012 97 sealed/66 outstanding
2011 106sealed/68 outstanding
I would say maybe 7+ corn and 14+ beans have already seen farmers 'take it to the bank' Now, usually it is is quite bullish when the farmer doesn't hold anymore.