USDA found an extra 130 million bushels of corn, as they finally reflect a decrease in feed usage. New crop acres at 91.6 we off by 80K acres.
However, the biggest shocker was the bean acres. The average guess was 82 million acres. We added 3 million, roughly; takes us to 86 Million acres planted.
At trend line yields, that projects to a huge carry out.
The spec long corn took it on the chin, but we still have 25 days of action on that. I want to hold it through the July 4th weekend.
If you are a producer and have not sold, […]
Latest info I saw suggested that the American Farmer still has 30% of the 13 crop in the bin, unsold. For 2014 the estimate was less than 10% sold.
Dupont released its quarterly figures and announced that there were many more sales of bean seed than corn seed.
Fundamentally, this suggests a bearish futures for new crop prices, as long as we get timely rains.
In 2010, at this time of the year we looked great. Then mother nature shut off the rain and we had the drought of 2012.
Since NO ONE, not Al Gore, Not Al Roker can predict the weather more than […]
Above is a chart of June Dow futures: There are some “what ifs” under the market for bears looking for breaks.
First Support comes in at 16600. Second T-line comes at 16450 and the Third, longer term T-line projects an intersection at 16000. The high was 16962. A test of 1600 would be a 5 1/2 percent correction.
I have NO IDEA if we are going to test these levels. The grind seems to be inexorably higher for the Stock Index’s as money continues to come in every two weeks […]