USDA gives us a neutral number for corn. They lowered the yield to 146.7 but increased the carryout by 42 million bushels. Early calls higher. I would step aside for the first 1/2 hour. I’d be inclined to sell a spike higher.
Overnight more volatility in the Dow index, down 225 as I write this.Crude oil down 1.80. There seems to be more fear about 1) Israel/Iran show down and 2) continued worries about Italy.
For two years we’ve heard about PIIGS (portugal, Ireland, Italy, Greece and Spain). Now suddenly as Greece is in the throws of default…. NOW suddenly people are focusing in in the rest of these countries… I watched a cable news show just 2 days ago and they seemed so surprised… What have these guys been under a rock for the past 2 years?
I’d be looking to fade bullishness. There’s a lot of unpriced grain out there. If we don’t get a 20 cent bounce to sell into, we could get a buy the rumor/sell the fact move. In that case, be patient for the first 20 minutes.
CER