dropping U.S. crop ratings

[errolanderson]

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
now.

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.

errol

[bucket]

The saying goes "knee high by the fourth of july" but with as early as they planted, it should be that high by the 4th of june.

Not happening in the keys growing areas. NAT is seeing rumours of crop being disked under. And they weather forecast is calling for heat and winds down there.

[bucket]

And with the current weather forecasts it is not likley that the ratings will improve in the next two weeks.

Most acres in the states rely on soil moisture and it is gone as most talk that the tile quit running weeks ago.

Some are comparing it to 1988 but are saying they had more soil moisture reserve then than now.

A big rain may not help as the production prospects have been hurt already.

[errolanderson]

bucket . . . whoa, look at the breakout in
December corn this morning. This turns a
grumpy market into a happy market real
fast.

Corn is crunching feeder cattle right now.

[bucket]

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.

[BTO_farmall]

Error - Fulla lotta Hot Air, About the Size of it Anyway.

[MarshallDillon]

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?