Corn and soybeans mixed with wheat up 2 to 4 cents
Yesterday afternoons report showed improvement and sent corn to a 34 month low at $4.55. We have rebounded to $4.60 but it still trades heavy.
This is traditionally a holiday month and so far has lived up to its reputation. News has been fairly thin. The weather has been fairly agreeable and the market has been fairly quiet. I think that a rally in Dec corn will be met with selling and the window of a bullish event is starting to close. The next real scare is an early frost which has already been talked about but $5.00 is still a limit move away.
Equities are quiet too trading slightly easier this morning. Oil is up .50 cents this morning to $107.06. Gold is off $12.82 to $1290.25. The dollar is weaker and may lend some support to commodities this morning.
Let's see if we can get a rally going today.