Grains (soy beans)

   Out to the woodshed we go with soybeans they closed lower by 3%. Support has given and longs liquidating .The pro farmer tour of Crops have not reported anything Bullish for Soybeans.Crops looking  real good .Not only have soybeans toppled But Soymeal as well it closed down 2.5% and Soyoil less bad only down 1%. The net longs in Soybeans have been liquidating and this probably won’t stop  as Weather concerns abate and Support has broken.Aggregate soybean volatility was higher by 9.5% today,but the move lower  was more orderly than Chaotic.

 Corn finds itself lower as well .The pro farmer  tour did offer some words of caution regarding  Size of Corn Crop but it shouldn’t cause a bullish move. Crop will still be a record.

 Overnight Currency vol. is closer to lows then highs,Indicating  little worry that Yellen will rock the boat.The  25 Delta Risk Reversals  Show  less negative pricing  since yesterday in GBP Indicating  more calls then puts being bought ..Similar scenario In Yen more upside being bought then downside,the Euro is the opposite as the skew moves More negative  and pricing in More of a downside move then upside.

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