Good morning.
Well, as far as action, Friday did not disappoint.
The corn numbers were confounding but mildly bullish. We had a 15 cent turn around pretty immediately and solidly established an uptrend. There were a lot of late shorts that got blown out. Ending stocks and production both came in under estimates and while the numbers were bullish on the day the report also showed a lot of unpriced corn out there.
Wheat was bearish and definitely traded that way. The bean numbers were kind of benign and we closed a bit stronger. This morning we see corn holding its gains up 2, beans are unchanged and wheat is bouncing back, up 4.
The non-farm payroll numbers also surprise coming in at 74k well below the industry guess of 225k.
That has sent the 10 year rate tumbling to 2.85%. Stocks were slightly lower on Friday and they are again this morning.
Gold is down $2.17 at $1246.28 while oil is down .81 cents to $91.91.
The options market tends to digest this type of news in both ags and fixed income over a few days so it will be interesting to see how the market shakes out here today.
