We kicked off the day with Nonfarm Payrolls, Unemployment Rate, Average Hourly Earnings MoM & YoY, Participation Rate, Average Weekly Hours, Government Payrolls, manufacturing Payrolls, Nonfarm Payrolls Private, and U-6 Employment Rate at 7:30 A.M., Fed Waller Speech at 11:00 A.M., Baker Hughes Oil & Total Rig Count at 12:00 P.M., and Consumer Credit Change, Used Car Prices MoM & YoY, and Total Vehicle Sales at 2;00 P.M.

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On the Corn Front we had a nice rally which caught deferred market traders eyes. Will the rally continue, or do we continue parabolic? Exports have been picking up but lets look at the facts …. Brazil has exported record numbers and has to make sure they are not tapping into domestic demand to make profits. Hence the export market opens up to other importers liking the price for feed and human consumption. Let’s not forget biofuels and ethanol which will tap into the food and fuel chain. Farmers are hesitant to sell product at these levels and will be tight  fisted until the cash prices move higher. The

US Export market is picking up as farmers worry about storage capacity and will wait this one out. We have to remember as South America starts seeding for the new crop they are facing a monster El Nino which continues formation in the Atlantic. Globally we should be concerned about shortages whether it will be food vs. fuel, or is this an oxymoron. The market is always right, may be ahead of headlines being the futures markets or late to the dance. The market will let you know with cash prices and prices overall. In the overnight electronic session the December corn is currently trading at 495 ½ which is 2 cents lower. The trading range has been 499 to 495.

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