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| Export sales stats were strong this morning, especially for wheat. Weather forecast for northern Brazil has improved slightly.
Leaving corn and beans alone, prefer to wait a few days for a few more bears to get short. Wheat-looks good as long as one eye is kept on the dollar and am going to keep the “worry beads” very handy.
A couple of excerpts from a yesterday ethanol conference.
• The Tone on Ethanol Was Quite Somber As Prices Have Declined Meaningfully over the Last 8 weeks - Clearly this suggests overcapacity in ethanol given the rapid build out of production, but not enough attention to distribution of ethanol.
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• Ethanol Sector is Clearly Under Pressure As Capacity Mounts - As a result of the increasing capacity, we see ethanol pricing as remaining challenging. We are reducing our earnings forecast for our covered ethanol makers.
Thanks for the acreage input. More input after a couple more price shakeouts & perhaps we can create some thoughts to benefit everyone.
Edited by SeniorCitizen 10/4/2007 10:07
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