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Glasgow, Ky | Wise words SeniorCitizen. Caution is of the essence at this time. Funds are there to make money and have no emotional ties to commodities unlike us producers. Fundamentals are only a small portion of the reason funds are in the market at this time. The feeding frenzy can end at any time. For weeks I have been sitting here thinking the extent of this run up in prices does not make sense and I have a feeling when funds pull out I will be sitting here thinking the same thing.
Right now the acreage numbers for 2008 are very speculative. When we start getting some hard numbers and plugging them into the production models things can tank fast. Granted, we can have weather problems but this might not have the impact it once had due to the yields we got last year with less than ideal weather in many locations.
If I err (which I do a lot) it will be on the side of conservatism. Might not hit the big licks but it keeps me in the game long term.
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