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Stocks are down on the Chinese Riots? Really, this is the catalyst that’s going to get us a 10% correction? I am in dis belief that this is anything other than end of month profit taking. Check your calendar. Tuesday is that last business day of the month and the last business day of the quarter. 6 Days ago we had a record high. 6 days people. 17279 in the dow. We still have not taken out last Thurday’s low and that was just a 2 1/2 % correction off the top. Support below ? check out the August low at 16839. That happens to […]
September 19, 2014 Corn: December corn settled down 6 ¾ cents at $3.31 ½ which is a new contract low and 4 year low settlement. For the week corn lost 7 cents a bushel. Corn posted its high for the session in the overnight electronic market. Once the 8:30 AM pit bell rang, corn resumed its slow grind lower. The weather report continues to be benign and should favor farmers as they harvest. Early yield reports are in a word, impressive. Bulls continue to argue the FSA acres. However, doing the math based on the yields still gets us to a plus 4 billion bushel […]
Corn: December corn ended down 2-1/2 cents at a new contract and 4-year low settlement of $3.38 ½. For the week, CZ lost 17 ½ cents. The USDA effectively squelched any remaining bullish hopes with an estimated production of 14.395 billion bushels and a national average yield of 171.7 bushel/acre. Eyes will be on the weather and the actual impact of a projected frost. Sunday night’s first minutes of electronic trade might have some fireworks if there is any real damage. On the 30th we will have another USDA report giving updated ending stocks. 116K MT of corn was reported sold to unknown, presumably china. […]