07-13-2012 06:35 AM
Good morning. (6:30am CST)
Dec corn up 10.5 cents
Dec wheat up 10.25 cents
Nov beans up 24.5 cents
Here we go again. The high in Dec corn on the report day was 748. That will probably be our first target technically. Things don't look to be getting any better any time soon. Here comes the heat and I am now finally starting to hear some very seasoned traders say that this could actually be the one we talk about for the next 20 years similarly to 1988.
The anecdotal evidence suggests that things are much worse than the USDA has eluded to.
The Euro is melting in front of our very eyes. China has hit the brakes and is skidding off the road.
Good luck today.
07-13-2012 10:45 AM
Prices will probably have a rough time selling off too much after Mon progress. However, w/ a little rain in IA today might keep a lid on price for today.
Back to progress report - all eyes on IA again -46 last week - if we get low 30's their + 15+ all states in very poor rating might be impetus for mkt to take off.
psycological jolt if we see overall good in the 20's, All states below 35 GE, maybe good enough.
Rain in IA not scaring bulls too much as we're only 9 cents from highs. see how we close!
07-13-2012 11:50 AM
Well, I think we are going to make a good run at $9.00 only because I am not long. When I go long I will let the site know so that you all can become sellers and have a nice Christmas.
07-13-2012 11:55 AM
Farmerjoe79 (sw will back me on this) - Great, must read art. posted on farmdocdaily today, entitiled, "Rationing, are we there..."
They present an easy to understand table (consider plugging different #'s in for harvested ac, too) for different scenarios on avg. farm price of corn relative to production!!!
Information that makes you say "Hmmmm."
07-13-2012 12:23 PM
07-13-2012 12:35 PM
- was looking @ the radar on www.weather.com & noticed all these pics covering crops and the drought. Is that you Farmerjoe79 in the first 2 photos in cornfield then displaying cobs in hand?