I agree that US Wheat acreage is down.

ANOTHER example is the MARCH towards HUGE WONDERFUL SOUTH AMERICAN Yields.. which ALSO occurred this time last year.. when we LATER find out that they Lost 18 mmt's Year on Year..

( https://www.usda.gov/oce/commodity/wasde/latest.pdf )

page 22

Production from Brazil 85 mmt's in Crop Year 2014/15

Production from Brazil 67 mmt's in Crop Year 2015/16 down 18 mmt's yoy

A YEAR AGO the 12/9/15 WASDE had Brazilian Corn Production estimate was..

( http://usda.mannlib.cornell.edu/usda/waob/wasde//2010s/2015/wasde-12-09-2015.pdf )

Production from Brazil 81.5 mmt's in Crop Year 2015/16 Proj.

That's a 14.5 mmt miss.. or 570 million bushels...

The soybean market sold off today on the expectations of a LARGE South American Crop coming...

???

So how did they do on Soybeans.. 12/9/15 WASDE

Production from Brazil was projected as 100 mmt's

on Last months results..

Production from Brazil was 96.5 mmt's.. so better.. but still a 3.5 mmt miss. 

Are we getting a little ahead of ourselves here?

On Market Rally today Chip's guest said,

"they are reportedly making $100 per head profits on raising hogs in.."  I believe it was Asia.

So if we have another hic-up down south.. are prices really going down?

I get that these are projections.. but reports are offered as already in the bin.. completed.. when in case of the 2nd crop.. it's not even PLANTED yet...?!?

sigh.. I yield the floor..