IMHO.. two things.
1) Markets were severely oversold.. as bullish sentiment fell into the teen's.
2) Widespread harvest delays occurred.. Early into harvest when Early bushels were at a premium.. aka we saw cash bean basis break $1.50 at the start of October.. then put it back on a few days later in some locations as processors NEEDED bushels.. when the rains came..
so if your gonna manipulate.. it doesn't hurt to have Ma Nature in on the gig..
Could it happen? possible I guess.. Is THAT what HAPPENED..?? put me in Ray's camp with a healthy dose of skepticism.
a better explanation.. "Maybe the markets just fell too far..then corrected in October" ???
Either way.. I'm sure a lot of Re Insurers are going.. "WHEW!!! That was close.."
Naw.. Ma Nature was in on the gig... ;-) |