Here we go.
It's anyone's guess. I think what makes me the most edgy is the fact that not a lot of people will think there is anything significant in this report. I think that the last year has taught us that anything can happen....and does!
I have some farmer friends that think that this near term tightness will not be solved in a bloodless manner and are preparing for some fireworks in the fronts well into the fall.
Wheat the only real overnight mover up about 4 cents. The other two are pretty close to home.
Ben Bernanke has taken the fixed income and equity world by surprise and spoke of more accommodation. Equities are up big and the 10 year is down to 2.57% which is a decent move.
Our world will hinge on this report for about 10 minutes and after we see it the heat ridge and weather will dominate the trade. It is going to get very hot here in Chicago next week.
Good luck with the USDA and we will see what they give us.
Re: OptionEye....July 11th
There is a real possibility the market will shake after the report. It fits the pattern. But the high basis in some areas is real. Some years the corn would be far enough along some general conclusions would stick. I'd venture we aren't there yet this year. So weather will dominate a few days after a report.