07-24-2012 07:46 AM
The market is giving us a chance to get on board again. Rain on LaSalle St. adding to the slide. A little precip and a hiccup in Spain have sent our markets tumbling.
In some weird way I am glad we are having a pullback as in my experience it will give us a chance to shake weak longs and build more support for another rally. If what we are seeing on this crop tour and hearing from the fields is true, the USDA will have to revise their numbers lower again.
When will rain not matter anymore for corn? In some parts of the country we are already there.
I am as equally concerned about our economy and this 'fiat money' system that we are embracing at the moment. Nothing to back our dollars except for government rhetoric. Watch this space but I think that ultimately these gold prices will look cheap. Hard assets, commodities and metals are the way to go.
07-24-2012 08:08 AM - edited 07-24-2012 08:08 AM
Scott..... I would say that it just might be a good thing that the world is looking at europe instead of the grain markets..... Can't even think as to where we would be if everybody wanted to buy grains like back in 08......p-oed
07-24-2012 08:31 AM
For corn, I'd say rain doesn't matter much anymore anywhere South of I-70. For beans, rain still matters alot, and we're not getting it. Plus, we're looking at a couple more days of 100+, before a big cool-down to mid-90's. Corn is browning up like it's mid to late August. Beans are wilting, with some dead areas already.
Sampled (measured, shucked and weighed) some corn yesterday -- hopefully the worst -- yields below 30, on ground with 120-140 typical average yields.