posted Jun 19, 2012 9:32
crop ratings released yesterday show a
sizable decline in U.S. corn and soybean
crop ratings over the past week, due to
hot, dry conditions. soy, corn, canola
up like a rocket ship right now. so much
for my bear flag idea . . . at least for
also, U.S. Fed meeting for the next 2
days. markets appear banking on joint
global stimulus (it's like waiting for
daddy to come to the family dinner table
with his cheque book in-hand). markets
appears to be in the buy-the-rumor stage
daddy had better have his chequebook . .
at least by tomorrow.
posted Jun 19, 2012 12:17
I think the other factor is the USDA was counting on early corn to prop up the carryout. But in fact, what happens with crop ratings declining someone starts to look furthur out and realizes that this crop will be a whole lot tighter come march of 2013.
They have alot of cattle on feed, poor pastures indicating more corn or wheat is going to feed cattle right now than should be. And those things can eat through a mountain of corn pretty fast, as they have to be fed everyday.
Its all very bullish and rain may not help other than to maintain a poor crop.
posted Jun 20, 2012 0:19
Today may technically upset a lot of charts. I was sure that corn was going to go down into harvest, a little bit at a time, but looking at today's action and, well, it gets your attention. I am looking to go neutral Kansas City wheat unless there is a reasoned arguement against such action. $8.00 corn and $17.00 beans anywone?