Please read yesterday’s entry as a reference for this one.
Today as of this writing… Gold down 55.70 at 17.18….
Corn Down 28 1/4 at 614. Wheat traded down below the 6.00 target and is sitting -24 cents at 592 1/2.
Jan beans traded down to 11.62 and settled at 1168, down 19 1/2 cents.
Probably over done, but you never know.
Looks like exports were bad. Japan bought corn from the FSU yesterday b/c its 20 bucks a ton cheaper than our corn thanks to our stronger dollar. Some previous sales were canceled to the toon of 17M bushels. People suspect its China cancelling corn sales to shop elsewhere.
In Europe, its a risk off day. Crude drops 3.34 from yesterday’s high move. Dow Jones DEC futures traded down to 11,643… Currently at 11,699.. Again, another target I mentioned recently. The sideways chop through the 650pt trading range continues.
Through all this bearishness, cattle prices hold strong. Feeders hover around 1.50. 20 months ago, cattlemen were falling all over themselves to sell 1.10 and 1.20 feeders.. I can only hope that they re-owned those sales with calls. My guess is they did not.
That is all. CER
