Ok, now we know, corn 89.5, beans 91 million acres

[rickgthf]

Corn up 24 cents, beans down 40. Is 40 cents limit down, can they go down more, will they go down more?

[roarintiger1]

Simply a buying opportunity for those that need soybeans. Now back to your regular programming. 

[BA Deere]

It`s really fascinating how traders and endusers trade off of months and use basis that benefit the buyer.  For example elevators around here got in their head they won`t give you over $7.20 cash corn, they will change months they take the bid off or widen basis regardless what CBOT does.  

I contracted new crop beans 75¢ too early, however for all the fireworks, today my early sale is higher than what I could get today.  It`s best to watch the trend and ignore the day to day noise.

Beans of course can go lower, but the summer weather will provide bailouts for bad price decisions.  Then one day in August for some reason the switch will get clicked and down the market will go.  However when the last greedy guy vaccs out his last government bin, then "oh early yields are less than expected"  so prices will incentivize selling new crop off the combine .  

[WCMO]

BA -- Noticed as of this morning that local elevator basis on corn cash price had suddenly gone from -0- to 30 cents under, and thought WTH, then noticed they also switched to pricing off of Dec 22, for both current cash and forward contract.  Cash price WAS priced off July, -0- basis, so current cash price hammered almost 70 cents locally, just from their pricing switch.  They did similar on soybeans, now suddenly using Nov 22 minus 30 for current cash, and it hurts to add up the impact, on top of the market dip yesterday, if a guy has any unpriced beans left to clean out.  As it stands right now, only futures price affecting anything locally is Nov for beans and Dec for corn, with both cash and forward price being the same.  That's not a normal way of pricing around here, not sure what's going on.

Update -- checked prices at 1:00, elevator went back to pricing current cash off of July.  Don't know what they were doing, but suspect somebody just screwed up (a lot).  Probably realized the error when somebody showed up to buy a few loads to haul 25 miles and re-sell.  Haven't really seen these shenanigans happen for years, since the e-plants and bio-fuels kind of keep the elevators honest.

[k-289]

MO  -  April  1st    or   cold  feet  maybe  ,   and  the  chicken  flu ,  could ,  may ,  might ,   be  another  absolve  --  --  --