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10-08-2012 06:32 AM
Happy Columbus Day.
The world really hasn't changed that much since Friday. Europe still wrangling. EUR/USD off a bit today at 1.2950. A big report here on Thursday will keep us especially quiet here today. Corn and beans off and wheat up a tad. Oil getting hit as well as gold. Really not a lot to report except for a general lack of volume all over the globe.
It will be very interesting to see how this plays out his week. I still find it absolutely amazing that we are at these price levels and volumes are so low. A number of reasons why but it still seems perplexing.
Maybe this report will help turn things around. Then again, maybe not. MF Global. Presidential Election. Uncertain economic times. Peregrine Financial and the beat goes on...we shall see.
10-08-2012 08:40 AM - edited 10-08-2012 08:50 AM
This is how I see things Scott.......
Farmers just have less to sell....... Seems that when we were at 8 + they sold a lot.....Now..... Not so much....
Farmers will now lock the bin doors here for a while.....
End Users still in denial ?....... I feel that they are "HOPPING" for a miracle and there old buddy the USDA will bail there butts out Thursday with a bigger yield and more acres.......
Spec's are still afraid of everything.....IMHO..... After this weeks report we will break the log jam.....
Harvest will be over...... not much headge pressure left to go.....End users and farmers will know where they stand...... And the spec folks will want to find somplace to park there $$$$ to get a return....... This market still has a job to do and our old friend the spec will help us get there.....FWIW...... p-oed
10-08-2012 11:16 AM
The commitment of traders report continues to show the exiting of the ag space by funds. Given that this is the first of the quarter and the results of the equities I would very surprised if we see a re-engagement by the specs on the long side. In fact, I think we will continue with a slow exit through out the quarter.