Across the Board


General

As highlighted yesterday, the grain report did not disappoint as a source of volatility with the corn acreage numbers providing a bullish input into a market that was structurally short. The 20 cent rally in corn and corresponding move up in soybeans gives hope to agriculture traders traders who trade the outrights and the spreads for the summer months. I spoke with a few of them yesterday and the glee in their voices was palpable.

Today opens the book on a new quarter that will be hard pressed to duplicate the record equity performance we witnessed in Q2. Today's ISM should provide a volatility event given the market's reactions to eco data in June (see retail sales and NFP).

Scoreboard

The moverboard is showing an inclination towards mean reversion trading strategies with pop ups and reversals in Platinum, gold, and silver. Beans are following through from yesterday's strength and crude is a market I will be watching intently.

Events

Sometime between 10 and 11 AM ET (approximate) - Florida and Texas Virus cases updated

ISM Manufacturing 10 AM ET - Survey 49.8

DOE Inventories 10:30 AM ET - Survey -200k Barrels

Strategy and Levels

Crude remains bid overnight following a stronger API data release. Accordingly, energy traders will be watching for some fireworks with the DOE release (see above) later this morning that follows ISM. CTAs will be assessing how gold responds to the $1800 an ounce level as it sits near multi-year highs and is foraging to new highs--hardly indicating that it will leave anyone behind.

John Netto

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