12-10-2010 09:13 AM
Kluis Comments 12/10
The reports are out of the way and the opening is mixed: corn steady , soybeans up 5 to 8 and wheat steady. The main factors to watch today are :
1. The flow of money into or out of the commodity makets.
2. The weather in South America - it looks like a chance of rain in Argentina this weekend, but getting really hot next week. I would not be surprised to see prices trade on both sides.
Through last night, and for the week, December Corn is up 4 cents, Jan soybeans down 14 and Dec. CBOT wheat up 10 cents. Next week the December contracts go off. The close today is more important than the opening. Breaks will be bought until rain hits ( not just the forecasts) in the dry areas of South America.