Good morning.
In the equity and fixed income world, today is the day. The world will be watching to see what the FED does to the 'Taper'. Expectations are for a move to trim the pump by $5-$15 billion a month. Currently the pump stands at $85 billion. A bigger trip than $15 billion will send equities and bonds lower. A small or no trip will send equities and bonds higher. It's anyone's game what happens anywhere in the expected range.
As for agriculturalist, Corn up 1, beans down 5 and wheat up 1. Fairly quiet overnight with light volumes. Stories doing the rounds about a smaller corn crop after reports of insurance claims being higher than expected after the recent rains. I think the story has some merits but corn is going to be a question of how big, not how small.
Beans still a little schizophrenic. The warmer/wetter weather may still have a positive affect.
We go into this FED decision with a 2.85% 10 year yield. Gold is below $1300 at $1299.03 down $11.61. Crude oil is a little higher at $105.94 up .52 cents. Equities are a tad higher as position squaring is the trade de jour.
Hang on to your hats.
