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| Headed for the airport in the early am. So, not going to look at the markets until late tomorrow. I take a very long view; I’ve liked the wheat and beans for well over a year and the corn since this September off & on.
I see no sign of rationing. Corn is the easiest commodity on the board to ration; livestock numbers are expanding, not contracting. We took crude oil, in a matter of a few years from just under $11 to $97 & it still dies slowly, if dead. When I look at soybeans & wheat, we are dealing with products for humans, tough to ration. Can't substitute soy oil with rape or sun--need palm & soy & there a questions about Palm; markets don't appreciate uncertainty when it comes to supply. Need soy meal, rape & cotton are limited substitutes.
In these soy and wheat markets, there has not yet been one major downside wipeout any different than occurred in crude oil. Trends, long term, are still intact in my opinion, except one has to be naturally be cautious, as always.
Keeping my one remaining march wheat until first notice day, regardless. Keeping long Nov. beans & short Dec corn for awhile and think we are now in a soybean price correction which needs buying (lightly, as it could drop .75 yet, who knows?) And, I especially like the March Feeders at this level….first for a trade, but if they act right over the next couple of weeks, they could be keepers for awhile.
Edited by SeniorCitizen 12/30/2007 21:51
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Warmer waters for a couple of days.
