Good morning and happy August.
Where does the time fly to...
Corn down 2 to 4, beans basically unchanged with Aug up 6 and wheat down 1 to 2 this morning.
Decent bull spreading in corn yesterday kept a bid in Sep. No deliveries in beans gave August a rocket booster and continued demand stories still giving a boost to wheat over corn moving the CZ/WZ spread out to 198.
Today looks to start off on a quiet note as the trading world awaits non-farm payrolls tomorrow. Stocks are up this morning on figures showing Chinese manufacturing is showing some surprising strength. Oil back to its bullish run to $1106.74 up $1.71. Gold is slightly better at $1325.58 up .33 cents.
We get initial jobless claims and ISM manufacturing numbers to lead us in to tomorrow's figures. Again, we still have a lot of headwinds to get through here and more sequester issues in October and the Obamacare issues in January. I find it hard to think that the FED will begin to taper but we all know crazier things have happened.
