And one other thing - this is from USDA's 7/1 Weekly Weather and Crop Bulletin: Looks like supply shortages have been largely overestimated.
Covered the few i was able to reshort around 750. Maintaining core short. I'll be reassessing if it gets to the 650 area, although I can certainly see it getting back to 600.
down big again on the overnight. Should be a fun open today. Wonder if we will open limit down for the second day in a row.
Take it from someone who lives in farm country . . . corn isn't resilient. 36 hours under water and it's done. Beside that the mass flooding has introduced bacteria and sewage into the field rendering them useless for a minimum of 4 months after the waters recede. The USDA is made up of a majority of pathological liars and buffoons.
When you have ongoing communications with many of them throughout the US and they all boldly lie to not only your face but to the public in general . . . yes I have issues with them. We teach our children not to lie but for some reason they feel they do it in "our best interest". Like we aren't smart enough to understand the truth. I had one rep give an hour report on the grain outlook and conditions in Asia at an expo in Minnesota but had never set foot outside North America. Everything in his report was a fabrication. I confronted him on it and he said he was told to present it and didn't care that it wasn't accurate. He stated most farmers aren't bright enough to understand what was really going on anyway.
could be. I've heard the sewage concerns. I don't know about the USDA being a complete group of baffoons but I think you can argue corn has a degree of resiliency other crops do not.
What do you think of the estimates from Informa Economics? Corn Crop Forecast Raised by Informa; Soybeans Cut (Update1) 2008-07-07 18:07:22.720 (New York) (Adds yield forecast beginning in fourth paragraph and cotton production estimate in the 12th paragraph.) By Jeff Wilson July 7 (Bloomberg) -- U.S. farmers will produce more corn than the government forecast last month after rain revived Midwest crops, according to Informa Economics Inc., which said the soybean harvest will be smaller than projected. Corn output will total 12.002 billion bushels, up 2.3 percent from the Department of Agriculture's June 10 forecast of 11.735 billion bushels, Informa said in a report to clients. The soybean harvest will be 3.019 billion bushels, down from last month's USDA estimate of 3.105 billion, it said. U.S. farmers harvested a record 13.1 billion bushels of corn last year and 2.585 billion bushels of soybeans. The average yield from an acre of corn will be 152 bushels, up from 148.9 bushels forecast by USDA June 10 and 151.1 bushels last year, Memphis, Tennessee-based Informa said. The company predicts 78.9 million acres will be harvested, matching the USDA forecast from June 30, and down from 86.5 million harvested last year. Soybeans will yield 41.9 bushels per acre, Informa said, less than the USDA's forecast of 42.1 bushels last month while more than 41.2 bushels per acre harvested a year ago. The report was confirmed by Informa clients.