Wake Up Call Allendale Advisory Center: Grain markets are mixed as they are giving back some of the gains from yesterday. The US Dollar and crude are lower. The House and Senate are expected to vote on the omnibus budget bill today. Many think it could be a squeaker to pass.
The fundamental news has not turned bullish but Thursday’s rally could be attributed to short covering. Argentina allowing their currency to float could have been the most bearish news for grains we have seen is some time, however, it did not bring new selling into futures. The reality is rallies will run into huge headwinds as South American farmers will move grain they have hoarded due to export taxation.