Market Got the Bearish Report It Expected
Sep 30, 2010
The trade was looking for a bearish report this morning and they got just that. But still, making sense of this report is something different.
"Fundamentally, this is a game changer," says Bill Biedermann of Allendale Commodities who provided that view from his e-mail to his clients. Maybe the more telling words were in his subject line: "USDA Kills Corn Market".
While the market is focused on this report right now, the attention should turn quickly to general trade today as the month and quarter come to a close. "Stocks # was bearish, market might come out seller. all people will remember is where we close today for month end quarter end!," says Thomas Grisafi, owner of Indiana Grain Co., an independent trading firm.
(Check back for more reaction from traders throughout the day.)