Waiting for USDA....

Feels more like Waiting for Godot, but unlike the title character in the Beckett play, the USDA report will actually arrive tomorrow. My approach to most news releases is that they are unimportant with regard to fundamental supply/demand information, but revealing with regard to traders' positions and inclinations. My bet would be that the large speculative long positions in grains (especially Corn) will come under further pressure.

I was nervous about holding my long Dec MGEX/short CBOT today as it was very steady at lower levels-no sign of bargain hunters at 45.5/46 cents over CBOT. But the relatively strong MGEX close and the prospect of some CBOT liquidations tomorrow gave me the incentive to hold on for a bit longer. We'll see how that turns out...