Here's a rundown of the action today -- story of the day: Soybean demand!
I'm going to go watch it rain. I'll try to will it down your way, Shaggy and SW!
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Remember -- the B-Team's the whole reason for today's higher prices! Not this weather! Oh yeah, and it is rainin' like a cow...you get the full picture...here right now. Quite a frog-strangler. Sounds like this one will move on through, but it's going to stay cool and we may have some showers later on this evening, and maybe some severe stuff, though temps have dipped quite a bit, so not sure if that'll happen. I'm no weatherman, though!
Anyway, here's one interesting bit from the newswire a few minutes ago -- basically, wheat's dragging its feet and not quite sharing in the rally despite some pretty lousy conditions in much of the Plains. Why? "US farmers, who have been grappling with drought in southern plain states, left watching as favorable conditions in Australia and Europe improve prospects for those crops and help drive down overall prices for the grain, according to RCM Asset Management," says the report. See the full thing here.
Anybody have direct knowledge of these kinds of good wheat conditions overseas? How about you all folks up in Canada?
Man, part of our building here is a little bit like an old Morton building...sounds like there are rocks falling out of the sky...no hail, though...yet...
So, what's everybody doing to pass this time while you watch it rain?
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So, November beans have blown past $12.40 this morning, a key resistance point, analysts say. Then, I see on the newswire this morning this statement regarding the July bean contract: "On the upside, minor resistance lies at $14.97, $15.12 1/4 ahead of major resistance at $15.21. Near-term consolidation is possible between major support at $14.60 1/2 and major resistance at $15.21. The primary trend is bullish."
If that holds true cross-contract, would that mean that the November contract's got another 60 cents in it before another resistance point? If so, considering this weather and beans getting pushed further back -- again, like last year -- in the planting window, could we see it happen this week?
Gains sure aren't looking too whuppy now...wheat's turned lower. Corn's not as strong as it was earlier, but beans are holding their own. Sounds like the trade just answered my question from earlier about seesawing, maybe?
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Hey, all. Well, Mike's busy wranglin' his young fellers the next couple of days, so you're stuck with me! I'll try to do him halfway justice!
So, we're starting higher today, looks like. And, for good reason, I think. Talked to somebody this morning who traveled from Des Moines to Chicago and back last week and over the weekend, and he said he didn't see a wheel turning in the field that whole way. I saw one old ramshackled 6-row planter trying to mud in corn in northwest Kansas on Friday, but other than that, between Des Moines and there, I didn't see a wheel turning either. Didn't look too soaked on Friday, but I took a few back roads and saw some standing water here and there. And, that frog-strangler that we drove through yesterday from about Kearney, Nebraska, to Des Moines probably didn't help the cause any either. So, looks like it's pretty well at a standstill, planting-wise, today. What's everybody seeing at your place?
One weather expert says this morning we could see some planting resume by late this week. What do you think?
More in a few...
