Premium subscribers, by now you’ve begun receiving a daily email version of the Daily Grain Report but remember you don’t have to wait for the mail! You can read my Daily Grain Report within minutes after it’s issued from the floor by visiting the Daily Grain Report webpage.

Yesterday the market saw a relatively quiet start to the month with early strength reversed on profit taking and choppy outside markets. The overall volume was muted ahead of the US midterm elections today. Also there is the FOMC adding to macro uncertainty. There were rumors all over the floor that the early quick drop in wheat and corn was an error with this rumor started by those always misinformed gentlemen over at AgResource. Considering the action the rest of the day and the drops across the board on the close I have to say this was less than probable and even if it was a reality, does 8,000 matter in the pool of over 120,000 traded? The late session decline was a surprise if you look at open interest with corn gaining over 11,000. I attribute it to midsession longs exiting out at a loss. Overall it was a do nothing day with the overnight keeping that pattern in perfect shape. The overnight session opened on lows with a sluggish grinding higher move seen with wheat leading the way. Volume was very light with only the crop progress offering any new news. A surprise drop in HRW conditions was the upside catalyst for wheat last night and into today. The day session looks to open slightly higher across the board with the Euro screaming higher carrying the weight of the macro sector. Weather is benign as compared with yesterday so I recommend looking to macros alone today for best support. The commodity sector is catching a massive bid with sugar 100 higher, cotton limit…again with gold starting to move slightly higher.