This morning in Chicago Corn is called 5 to 10 higher and beans 10 to 20 higher…That puts us around 380 in CZ and 985 in SX. Wheat will most likely move higher in sympathy… I would watch the meal and oil to see if there is any confirmation. We should get support from the outside markets today with the Dow flirting with the 10000 level..
Apparently as we enter the ides of October, we will see if the surprise we have been waiting for is on the upside of that key psychological number in the stocks.
Crude Oil was up over the 72 dollar level, and we need to keep an eye on gold to see if we can pop above the 1062 level.. All in all its shaping up to be a higher day on lighter volume than usual..
A lot of people are absent today, as it is a holiday. The banks are on holiday here in the US, so any moves may be exaggerated due to less players in the market than usual..
Watch out for a higher opening, followed by big selling pressure in the grains. This may be a buy the rumor/sell the fact issue with the frost today…
Good Trading