OptionEye - The Cow Guy - April 1st
Well, I don't think that the numbers were shocking but the market seems to be caught 'wrong footed'. Soybeans inventories at the lowest level in 10 years. More than expected but still enough to send them on a rocket shot. Corn followed.
Overnight, wheat 5 lower, corn 2 better and beans continue their run, up 13.
Corn acres a little light while bean acres were more than expected.
In other news, stocks finally held on to gains and are up again today. We have to keep a keen eye on the ECB as there is a chance they add fuel to this fire and begin some sort of QE in Europe.
The 10 year gravitating back to that 2.75% level currently trading at 2.744%. Gold is higher, only by a little at $1284.50 up .49 cents. Oil is lower by .39 cents to $101.19.
The dollar is a little softer but still above that 80.00 level at 80.05.
Today we get Markit PMI, ISM and Construction Spending so it should be a good day for economic numbers.
I think that the trade is caught a little short here and until folks stop picking tops in the agricultural space this market will probably squeeze higher.