|
| Man there's been a lot of hate/discontent over the 166. Posts range from conspiracy to idiots.
Private weather model via my broker reduced yield last weekend from 169 to 166. Will likely be reduced again this weekend.
Read today that multiple traders polled this week and that average was 161.
All of the above are in same vicinity so its NOT JUST USDA with a realatively big number.
Everyone's numbers will come down if drought areas persist. Those that believe it's all so bogus should be looking at this as a gift and loading the boat with long futures, long calls, short puts. Stop whinning and take action! If there are enough of you in that camp with enough conviction, you can push the market higher on your own! Don't wait for those idiot traders, those idiot funds or those idiots at USDA to catch up to reality... get ahead of the curve if your so smart!
We'll know a lot more in a few short weeks.
Also... there were some great posts earlier on old crop corn. Ray had severl good ones. I've been saying for weeks that its a debate of whether we're short corn or short of willing sellers. I've leaned all along that the corn is out there and financially healed folks are rolling the dice more so than ever. Good luck to all who are hanging on... just don't be the last one standing when the music stops! Ray mentioned the day the board is down 20 and basis is down 20.
Last bit on old crop. Seems to me there's going to be a limit to the upside becuase of "E" economics. Some will bow out of the game for a few weeks if it gets too nuts. And it won't take a lot of that to break the back of old crop! | |
|
USDA on 166 & Old crop corn
