Knight Capital expressed support for NDAQ’s $62m proposal to compensate brokers affected by the technical glitch during Facebook’s market debut. However, Knight urged the SEC to defer opining on exchange liability limitations and/or regulatory immunity, Reuters reported.
Direct Edge will relocate its disaster recovery facilities to Equinix’s Chicago 4 (CH4) International Business Exchange (IBX) data center, Finextra reported.
Morning Price Trends
Corn: Down 1 to 2
Soybeans: Down 4 to 7
Wheat: Down 5 to 8
Futures are trading lower across the board this morning, with traders worried about headline risk as the market winds down for a holiday weekend in the U.S.
News of no export measures from Russia took a quick dime out of the wheat market this morning, but other than that, the overnight session was short on excitement; the grain trade may be looking to get into the long holiday weekend at status quo, though “status quo” has and likely will mean something entirely different for soybeans than corn or wheat…
Choppy two sided trade today as market struggled with bullish and bearish elements today.
Bullish – SovEcon downgraded its estimate for the Russian wheat harvest to a nine year low of 38 mmt down 1 mmt from its previous estimate, this type of production would limit exports to 8 mmt and at the current pace that number would be hit by November.