This morning’s monthly USDA report caused erratic price movement in grains after forecasting a 17% cut in the yield estimate and new 17 year lows. After the 7:30 AM CDT announcement, corn had a range of over 30 cents within 5 minutes of the announcement, reaching highs of $8.4360 and lows shortly after of $8.1000. Corn futures are currently trading down 4.60 cents from the open at $8.1360. Soybeans are up 19.80 cents to $16.7440.
Gold futures gained $3.90 to $1624.10 and WTI crude futures lost 51 cents to $92.85.
S&P 500 futures fell 3.75 points to 1396.75, Dow futures traded down 40 points to 13098.00 and NASDAQ futures were down 5.50 points to 2712.25.
Research In Motion Ltd. (RIMM) rose 5% after a patent suit issued by Mformation Technologies Inc. was dropped.
Monster Beverage Corp. gave back some of yesterday’s gains after receiving a filing from the SEC regarding marketing and ingredients used in their products. MNST was down 8.25%.
Yahoo Inc. (YHOO) was down 5.56% after warning investors that they may not reward shareholders the cash earned from selling its share in Alibaba.
David Cornes holds a degree in economics from the University of Montana.
