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Senior Contributor

OptionEye....June 27th

Good morning.

 

Fairly quiet in the grains overnight.

 

Corn up 1 to down 1, beans up 2 to 5 and wheat up 1 to 3. Today should be a little quieter going into tomorrow's report. I would think that we get some reduction in corn acres but trying to guess what the USDA is going to report has been a mugs game lately. Only time will tell. Having said that, we have had massive interest in downside put purchases in Dec corn. The market is definitely leaning to the downside.

 

Equities have held on to their gains overnight. After a very good day yesterday they continue their climb this morning. A lot of Fed governors coming out with supportive rhetoric helping to underpin prices. We get more economic news today with Personal Income, Personal Spending and Initial Jobless Claims. Again, this will help us see into the crystal ball that Ben Bernanke has been looking at.

 

The 10 year slipping back to 2.50%. Gold up $7 to $1233 and the dollar is slightly weaker after having posted good gains yesterday.

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