Mike,
I continue to be conscience of the old rumor/fact senerio. It catches me a lot, waiting too long to pull the triger.
Some where in here we are making the change on a lot of rumor-----ie drought, europe, debt--etc. Assuming 2012 to be the reality(fact) on the drought and US supply had me looking to market early-----now SA is delaying the switch. -----It seems like we have added a "discovery" phase to the process(market litigation).
Add in Financial instability---to give us another source of rumor/fact stuff that we have seldom had to deal with in the past 40+ yrs.
The market will eventually resolve itself to the facts. But I am becoming weary of the process in this new third world economy we have created for ourselves. I have great sympathy for the guys who get their pockets picked.---(mf global just being the obvious one)
This is what drives me back to the basic observations of my area. Corn is short on supply. Wheat is planted in large acres for insurance and looks poor out west--30% will be insurance claims in big areas, though small timely rains have kept it going so far---no drought changers yet. Beans are going to get acreage increases just because costs and weather are both still out of control.
No reductions in feeding so far.
