While we're still patiently waiting for that horrible "dome of doom," some more demand news will have to surface for $10.10 to happen.
Remember, in the coming days the enumerators will be traveling to their sample plots and taking data for the August report. While it's popular to blame funds for every volatile moment while the markets try to search for reality, the commercials in the end dominate the markets and dictate their direction. So, I would imagine as the enumerators wander about, so will those in the grain industry, trying to mirror what the government might report.
While I won't argue that the weekly crop ratings are suspect because those are a simple beauty contest, the enumerators do rely on science. You can argue it's faulty science, or contains a heavy dose of art, but these people try to be consistent within the season and from season to season.
The front end of beans can do anything and bull spreads versus November beans have every reason to smoke to wider levels prior to harvest. But, if $10.10 is going to be reached in new-crop beans due to what I feel is unfounded fear of supply, I think it has just these upcoming five days to do it.
My guess is they won't.
