getting ugly

[malleefarmer]

over bought situation?

[malleefarmer]

woops early morning here meant oversold
wheat 63 cents down since thursday

[errolanderson]

agree mallefarmer . . . now oversold, but rebounds may be meek. Overall trading ranges for both wheat and corn have now broke into a lower zones (IMO).

good ol days of super high corn/wheat prices are now in the rearview mirror unless fresh bullish news enters market. If not, lower lows appear possible.

midwest forecasts suggest mositure into May which suggests a healthy American wheat crop is on-the-way.

[malleefarmer]

some buyers dropped old crop cash prices
$35 here today others only $19 called a
free market

[hedgehog]

i thought WA was too dry to plant?

[malleefarmer]

cash has dryed up but heavens have opened
up
alot cant finance there planting yet

[errolanderson]

Grower corn selling apparently has come
to a complete standstill. This was
nearly a record 2-day drop in corn
prices (over 90 cents/bu). Basis levels
have jumped in the Midwest this morning
as a result.

USDA supply and demand report next
released April 10th. Question is; will
U.S. government add this extra 400
million bu (about an extra 3.5
bu/acre)to the ending stocks or just a
portion of it?

[crusher]

The bears have won convincingly over the last week. Time for the bulls to regroup and make a charge!

[hedgehog]

where is the govt finding 400 million bu?

[errolanderson]

not sure anyone knows . . .

amazed at how well corn yielded through
that intense heat last summer across the
midwest.