Good morning.
Well, the numbers were bearish and we are highter - and sharply so.
It takes a long time to get used to it but sometimes, when the bearish news in baked in, we get an adverse reaction. We initially broke on the numbers but when we got to the lows, the shorts looked around and didn't find anyone to really let them out of their positions and the race higher was on. Funds are still long over 100k beans and didn't flinch on the lows. This will be important. As long as I have been doing this, a market that rallies on bearish news is looking at something else and wants to go higher - regardless. This will be an important week.
Overnight, corn is up 43, beans are up 17 and wheat is up 3.
The 10 year yield is hanging around 1.50% at 1.51% and stocks look to open higher. This morning the S&P future is up 4 points and the Dow future is up 38 points.
The oil market is bid as well this morning after its best week since April. WTI is up .31 cents to $44.80.
Gold is higer at $1340.55 up $4.70.
The dollar is basically unchanged at 95.62 down .09.
Today we get Empire Manufacturing and the NAFB Housing Market Index.
