Visions of black swans were dancing in my head today as the market almost made another limit up move on further decerts and large export sales to China. The volume certainly was in the ball park of March '08 at 67k and the 80k in decerts put us under 800k in cert stocks. The export sales were a surprise as China certainly were big buyers last week with over 500k alone and 600k total. Shipments remained at 200k in line with where we need to be to reach the USDA estimate.
However, the USDA report was not that big a factor as we had some increases and decreases with beginning stocks but the 10/11 ending stocks stayed about unchanged. Outside equity markets were sparked by the weak USD and positive reports out of China. N'10 has bounced 8 cents since a low of 76 on Monday. The roll is still in full swing and the Z'10 has buyers so expect another firm day tomorrow as N'10 options expire.