Feedyard Talk. 3/12. 3:oo am
more overbite correction in the grains
Corn.... @ $5.332 is down 5.4
Beans. 14.04. is down. 9
kcwheat $6.024. is down 1.4
Everything else is similar to a day ago not really much of a turn around Thursday ......was it?
Corn has been bouncing off the 5.50 resistance 3 or 4 times now and has built a sideways trend for the last month. yet I would continue to see corn as trending higher because the low resistance each time it comes down is positioned higher. Also supporting that is the list of issues that have driven the corn market have not been resolved. Brazil being the most likely to get better soonest. But weather patterns dryer have not changed so far.
Wheat is similar but has a "yet to be accepted" factor that might drive it upward...-- freeze damage and dry conditions in the southern and western wheat belt
Bean chart is still in a strong upward trend and holding over 14$ this week is pretty impressive.
So if your day trading for coffee money then the end of this week is an opportunity to buy the grains assuming we will test the highs again. With a close eye on pulling those positions if the midwest becomes artesian water flow across the high plains or Brazil suddenly developed a way to project rain three months back. And South America, China, and Russia become economically strong , reliable, and honorable trade partners. The kind of economic structures the world can rely on....... like we used to be.
If your just marketing your production.... accept our profitable 2020 production position and get the bins cleaned out.
Find your fertilizer needs.......... Short supply and price gouging are active in the Southern states where lots of tractors are moving.
And for 2021....... consider a few unpriced basis contracts for a portion of the new crop ....... basis is still good even though futures have a penalty compared to old crop months. Small % at this time and watch for anything that tells us the supply is going up...... other than the usda propaganda.
Re: Feedyard Talk. 3/12. 3:oo am
fertilizer racketeering is traditional ........... if grain prices are up or if new crop is bidding up.
Traditional as a march wind. And a politicians crime.