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| In a nutshell. I Remain cautiously bearish on corn, cautiously bullish on wheat, old crop Chicago March & May for me at this moment. Am going to keep my few Nov beans, short July corn & long old crop wheat. Soft red supplies are low.
Quite frankly, I think the bull psychology has tempered due to the recession worries & expect we will be subject to a choppy market for several days. However, in my view, the soy and wheat markets have a continued strong support underneath.
I note the Chinese soy crushing margins have continued to widen even in light of record soybean prices & suspect demand will continue.
Argentine & Brazil rains: a stressed Argentina corn crop but think the soy side will benefit & improve & think will soon see thoughts that Brazil bean yields will increase.
In the meantime, conserve cash, keep dry powder, a positive attitude, avoid high places, don’t read too much print media or view CNBC unless you are searching for comic relief.
Along that line, you might write your congress person and compliment them on the fine job they are doing….doubt they get much positive mail & your name will then stick out….so when you unload on them in a few weeks…they will recall you were once positive. Be sure to write personal on the envelope in red ink, means they actually might read it. Public relations in these times is important and I would also review ‘safe rooms’ for your property just in case we do get a drought.
Edited by SeniorCitizen 1/23/2008 08:47
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Early Thoughts
