November 9 WASDE Report

[charliep]

Looks pretty neutral to me. Increased US soybean yield slightly.

<a href="http://www.usda.gov/oce/commodity/wasde/latest.pdf">Nov 9 WASDE</a>

[errolanderson]

we view this report as slightly bearish.
all carryout numbers were above trade
expectations for both the u.s. and the
world.

technically, beans are in trouble with
the nearby contract breaking below key
support of $14.85/bu today. dec corn at
$7.32/bu is a widely watched number.
sell stops lie by this if it breaks.

[fjlip]

"We were told all summer that the beans were burning up and there wouldn't be any come fall. HMMM this happens every time we have a drought and then boom they do better than everyone thought."

Quote on agtalk says it all.

Worst drought in history reduced soy prod by 4% wow!. Corn prod down 13%, big deal.
Wind storm took more canola in two days here.
Either media hyped magnitude of drought was BS or USDA estimates are BS.
Either way, bearish prices unless a SA weather issue or demand side takes up slack.

[Guest]

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[Burbert]

Lying and cheating are a HUGE part of
grain marketing. Don't believe their BS,
this is a short crop, grain is/will be in
tighter and tighter supply as the year
wears on. They's gonna have ta pay up, er
switch to palm oil, or distillers grains
ta feed their critters, sooner than
later.....