OptionEye - The Cow Guy - March 12th
Bigger than soybean production in Brazil has beans off big overnight on 31k contracts. Beans currently down 31 cents on reports that the crop will be 6% bigger even after drought conditions hurt the crop. Corn is down 3 and wheat up 2.
More concerns on a China slowdown and coppper worries had world markets on their heels yesterday. Today, stocks are lower again this morning. The 10 year is stuck at 2.75%. The dollar is little changed at 79.76 which is stronger by .03.
Gold is up $10.08 to $1359.05. Oil is off again to $98.33 down $1.70.
Rate markets don't know what to think. Energy markets are worried about a slowdown and commodity markets are struggling with supply stories and weather both here and in the southern hemisphere.
Interestingly enough, lean hogs were limit up a times yesterday. That market seems to have come unhinged as we have really no news from the USDA and the anecdotal evidence trickles in and moves the market more than it should. Probably one to stay away from for a while. They are off 1.30 here this morning.