What Traders are Talking About:
* Markets reopen after Sandy. The U.S. stock market is scheduled to resume trading today at its normal 8:30 a.m. CT opening following two days of closure due to Superstorm Sandy. The U.S. bond market will also resume trading today. While trading will resume, few are expecting the situation to return to "normal" for days. Transportation is still an issue in New York City and many traders are likely still dealing with personal losses from the storm. Plus, there are many uncertainties: the economic impacts from Sandy; the Nov. 6 election; and the looming fiscal cliff.
The long and short of it: There have been concerns about how the stock market would respond upon reopening, but stock futures signal a firmer open is likely this morning.
* Washington back to work. USDA offices in Washington D.C. are also reopening today. Crop progress data originally scheduled for Monday afternoon will be released this afternoon. Weekly export sales data originally scheduled for Thursday has been pushed back until Friday morning. The Labor Department is still expected to release its employment data Friday morning.
The long and short of it: The crop progress data will get very little attention. The greater interest will clearly be on weekly export sales and the jobs data.
* Delivery starts for Nov. soybeans. Today is first notice day, the start of the delivery process, for Nov. soybean futures. Delivery intentions against 500 contracts are at the top of the guess range. Despite the lack of carry in soybean futures, many traders were anticipating deliveries would be closer to zero as firms wouldn't want to give up physical possession given tight supplies.
The long and short of it: The bigger-than-expected deliveries may weigh on the market, although there were no indications of that overnight.
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