Grain markets were down for the day with the soybeans seeing the most bearishness from larger rain events forecast for Argentina. The other influences was a larger than expected jobless claims, smaller then expected housing starts, and the larger unleaded gas stocks. Today's price decline was more of a function of a market that wants to break out of a sideways type trend with nobody taking control, neither the bears or the bulls. The market is searching for news and it cannot find the trump card that will drive this market either way. This news will eventually come whether it is weather related or economically related. The market has digested just enough of the economically bad news that it can take. It is this writers opinion and opinion only that there will be some news shortly that will take us out of this back and forth market whether it is direct fundamental or outside influences.
Chuck Peterson
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