Good morning and it looks like 'turnaround Tuesday'.
Yesterday's price action was heavy and we just didn't see anything out there that was going to give the market a scare, especially when we traded through previous lows in Dec corn. We stopped just short of going through $5.00 but with nothing on the horizon and a slow week my fear is that it will attract some price action.
This morning, corn is up 2 to 6, beans are up 2 to 6 and wheat is up 7 to 11 helped by Egypt first tender since February. Gold not much changed at $1257 and the 10 year is at 2.46%.
Factory Orders this morning after yesterday's tepid ISM numbers gave equities a boost. The market is thin and anything good I think could really lift things.
As we approach the 4th, the market tends to get more and more skittish so traders will have their hands in their pockets taking a more defensive stance. .
Keep your positions tight.