Grains did not sleep well last night, beans down 5+ corn down 2, and head lower. Basis is even uglier. Livestock fared much better. It is suprising meats can stay so well supported when in the last seven years income for the middle class as fallen 6.5%. Food stamps must make more of impact that I realize. Copper was down hard and oil fell back when the Dow decided not is all well in the world.
Local bids will soon print a 7 number for beans. That is ten bucks less than just a few years ago, gotta love all the risk out there. Ray will be able to write a book about all us with terrible marketing decisions.
Good news is, with NG at low levels, NH3 margins are able to hold on to what must be all time highs...well, good news if you produce NH3. Same for companies making bread and cereal...maybe the new corn and wheat price takes years to hit their books-sure didn't take that long when prices were rising.
Our grandparents thought they were blessed when they raised a good crop, knew they had enough food to feed the livestock, which meant enough food to feed the family. Now we have to feed the input guys, and the machinery guys, and our internet, cell phones, sat. T.V., health insurance that can be as more than a min. wage salary, and the list goes on. I wonder how far we have come, many families bought a farm and lived on it and paid for the farm in the 50's to 70's, no outside jobs, no rented ground. The toys are fun though. Of course, who would have wanted more acres if it meant sitting on an open tractor in the heat and cold with no auto steer.
***note*** I received no compensation for this update. But, I am hoping LG will decide they should sponsor me.
