The crop progress numbers are proving that yesterday's move was warranted. Dec corn got above $6 for the first time this year. For most of the day yesterday Dec corn traded synthetically at $5.96. We will wait and see what today brings (or is bringing) but it is very clear that we need some rain.
On another note, 24 traders are suing the CME about how the contracts are settled in the ag space. It will be interesting to see how it plays out. We are now also open until 2:00 in the afternoon which jives better with the electronic close at 2:00 as well.
Today the market feels like it wants to take a little break or is at least trading that way. Wall Street is a little higher but could lose more ground and pretty much everything else has consolidated overnight.
Re: OptionEye...June 26th
What's the marketplay right now? For those that like to dabble in spreading, is it a good time to be spreading the July/Dec or Sep/Dec corn or July/Nov bean contracts? What about meal and oil, are those seeing a lot of spreads? If it's not the spreads, what's the buzz on the floor about where the markeplay is right now?