• Grains pushed higher overnight lead by follow through buying in the soy complex; Jan beans closed at the highest levels since August yesterday while Nov '10 showed the highest close since January
• Beans up yesterday on hints of further Chinese buying; Open interest in soybeans up a massive 14k contracts yesterday
• Traders now looking at the long side of the market to be the path of least resistance as fund money pours into ags
• New highs this morning in gold, silver and copper as the dollar retraces yesterday's gains; Inflation fears remains the hot topic
• Major numbers to look at in outside markets: Resistance at $80 in crude/ Resistance at 1.50 in the Euro Currency/ Support at 75.00 in the US$
• Some believe Dec corn will be drawn to the $4 mark through Friday's option expiration; Open interest in the Dec $4 strike price is massive
• More harvest delays this week as scattered showers hit portions of the Midwest; Soybean harvest near completion while corn still has a long way to go
• Quality issues in corn remain an issue; No major impact on flat price, but could have significant basis implications down the road
• Export inspections for corn yesterday were the lowest we've seen in at least a couple years; Slow harvest along with quality issues now putting corn demand for both exports and feed in question

Joe Vaclavik provides his customers with trade recs on a daily basis!  Email jvaclavik@mfglobal.com for today's trade recs!

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