08-16-2013 06:38 AM
Good morning and happy Friday!
Abandoned acres. Dry. Possible early frost.
Maybe that was the perfect storm but finally we saw some short covering yesterday. We may have corn up for the week for the first time in a month. We are back to a weather market with a lingering threat of less acres. Only time will tell but our fields could use a little rain.
A lot of chatter yesterday about stocks and the 10 year yield. Stocks slid 200 and the 10 year spiked to 2.81% during the day. It is back down to 2.78% but there are definite nerves in the market. Traders are worried about a Fed taper and with this being a slow time of year I think moves in the market are exaggerated all over the place. Today stocks are bouncing just a little. Gold is off $1.12 to $1365.20 after inflation fears yesterday sent it much higher.
Oil is up .23 cents to $107.56 with ideas the economy is heating up and demand will return. I say that is way too premature but right now you can't fight the tape.
Have a great weekend.
08-16-2013 07:25 AM
I seriously was thinking today was Thursday, I lost a day here somewhere If the trade was thinking we were crying "Wolf!" about prevent plant acres, boy are they in for a surprise. Alot of beans were planted around here the 2nd of July on ground that was planned to go to corn. we`ll need that 90º weather predicted for next week, but we`re losing daylight hrs fast.
Sounds equities traders got the fed by the short hairs, like kids in the back of the station wagon getting restless unless we stop for "ice cream".
08-16-2013 11:47 AM
It's interesting to read that some of these market guys are saying that the PP acres still could be lowered......Say what? Weren't the numbers put out by the FSA the actual CERTIFIED PP acres? If they were, that PP number ISN'T GOING DOWN!
08-16-2013 12:41 PM
RT, a number of farmers took PP with a 1/3rd less payment to be able to plant beans. Many of those beans were planted in July and a gamble. I don't know how FSA counts it but Marketwise it isn't a "100%" acre if planted in july.