The December Corn continues the rally trading at 413 ¾ which is up 7 cents in the electronic session.
The trading range has been 415 to 405.The snapshot of Corn growing areas in Northern Illinois and
Southern Wisconsin continues to show a stressed crop that will not produce yields we normally expect.
Don't forget the Wheat leading the way up 27 cents in the overnight is leading the way in the Grain Complex rally.
Word on the street is grain elevators cannot sell their Wheat and cash is $2 below future prices and they still are having a backlog in selling product. This is rallying the market and it will be a while before we trade to lower levels. Maybe harvest pressure? This is just more bad news that is exasperating the economy and further proof we need the tax cuts to continue. Especially, in the wake of GM's unveiling of the Volt! You gotta be kidding me? If this car sells as good as I think GM is doomed!
This is what happens when government meddles in private industry.
On the Energy Front we are trading 92 points higher on the September Crude Oil at 7987 at this writing. The range has been 7995 to 7883.We are trading at our aggressive sell number.The stock market will be coming in higher and the U.S. dollar is trading lower.Keep in mind we are trading at toppy levels right here.
Have a Great Trading Day!
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