Morning Market Analysis

The entire grains complex is still at elevated levels.  Corn and soybeans are still trading in a sideways pattern while wheat has moved lower, with prices targeting the 50 day EMA.  Considering the USDA recent downgraded the US crop estimate again, I would use the sell-offs as a buying opportunity.

The euro is in a downward sloping channel, largely as the result of the economic events in the region.  While we see two counter-trend moves -- one in June and another from mid-July to mid-August -- the overall trend is still lower.  With the EU printing a negative GDP report, expect this trend to continue.