10-21-2013 06:57 AM
All a little higher this morning but not by much.
Beans are up 3, corn up 1.5 and wheat up 2.
As of late, it has been a wheat show. Cold and dry Argentine weather has reduced the production outlook. Last week Argentina forecast an 8.8 million ton crop vs the US Dept of Agriculture's 12 million ton expectation.
The government shutdown will most certainly shape the way we trade the next few months. It has definitely had an impact on the growth of the country probably shaving a few 10ths of a percent off of 4th quarter GDP. This will spur on QE talk for longer than expected as well as lower rates longer. The bottom line is that the economy is till in dire shape and needs some sort of savior we can't see just yet. Perhaps that is why we see crude oil below $100 today at $99.77. Poor, slowing economies are not bullish for oil.
Gold is slightly higher at $1316.61 which is up .36 cents.
The 10 year yield is 2.59% and little changed from Friday afternoon.
I am anxious to see this week get started as we get the October jobs number tomorrow morning and Existing Home Sales today.