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| I don't understand today's movement. The market was stagnant all week. The thing that scares me about this old crop corn is that there is still going to be well over a billion bushels of carry. It's not like we are in a shortage. These "so-called" marketing gurus that work for the local elevators don't have a clue either. I called one on Wednesday to discuss putting some calls on a few Dec '08 contracts and he suggested to hold off because we are in a period of sideways to lower trade. He sure pegged that one. LOL
I don't know what tomorrow will bring, but the crop insurance price is going up each day the market goes up. We'll be paying, but we are going to see some huge guarantees. Maybe we should all lock in the best coverage and hope for a drought. Can you imagine what we would get for prices in 2009?
I think this all goes back to the Goldman Report... Remember $6.50 corn, $15.60 beans, etc...
They will keep pumping in fund money until it gets there. | |
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Food for thought for Friday
