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08-13-2013 06:33 AM - edited 08-13-2013 07:17 AM
Everybody remember to let Marketeye know he owes me a big thanks for making these markets turn higher while he's gone! Ha!
Hey, looks like prices are going to hang on to yesterday's gains today. Al Kluis says this morning he thinks Dec corn put in its low yesterday. Do you agree?
Dec corn's 2 1/2 higher at $4.66 1/2
Nov beans are 14 higher at $12.39 1/4
Dec wheat's 3 1/2 higher at $6.52 1/2
So, the low's in, you think? Sounds like it may be all about Mother Nature -- rain and frost -- for a while. I know it was a little chilly when I opened the back door this morning. What's more worrisome, lack of rain or looming frost? Or both?
I'm heading out to take a few folks to a few farms here most of the day, so if prices turn lower, it's because I'm not manning the markets desk for a while! Ha! Hey, everybody have a good day today -- I'll be back!
08-13-2013 06:46 AM
Did anyone read Ray Grabanski's article yesterday? He can't figure out the USDA predictions........would someone like to help him out?
Great job Jeff......keep up the good work.
08-13-2013 06:50 AM
Jeff, you asked a few good questions so I'll respond. Out my back yard here in the heart of Iowa we are still very dry. Very little rain in Aug. and way below average for July. Also, the crops here are behind in development. A frost in the first week of Sept wound be damaging, like a "black swan in a rainy new-moon night event." The tomato crop this year is about 3 weeks late even though they were planted on time. Cool weather is really slowing this crop down.
Just my 2 cents worth.
08-13-2013 06:56 AM
08-13-2013 07:03 AM
Great points, tree fmr. So, how do we get past a frost scare? It's an interesting dynamic. We're all thinking about it, and the longer it doesn't happen, the greater the scare gets. But, the scare alone doesn't nip corn and bean leaves. But, once the frost hits, is the "scare" part gone? Kind of a catch-22, isn't it?
Yep, we could sure use a drink here in central Iowa, for sure. We had about 60 points of rain Sunday night when a little storm blew through (everybody said it thundered pretty hard, but I sure didn't wake up!), but we could use another few inches, for sure.
08-13-2013 07:18 AM
Here in N. Illinois it is very dry too. Less than a third of average rainfall in July and August. Corn does not show stress,( rolling), but just wait if we get some above ave. temps without rain.
08-13-2013 07:28 AM
I keep an eye on the weather and the rain always goes to northern or southern Iowa, missing the middle. Maybe that is where Marketeye is hanging out!! Send him to Kansas!