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N FLA | Always enjoy reading your analysis and the others. I'm curious about your $3.18 level being met before having "energy" for higher levels. I think I get what you mean. What I don't get is what if we come out of a dry winter, into a dry summer. Say May and June rains don't materialize. Do you not think prices can go yo higher levels unless they've seen $3.18? Or are you saying we will see $3.18 before we see higher levels in a scenario such as I mentioned?
I just don't get why in your analysis we couldn't see higher prices without seeing $3.18 first. Not trying to bust your chops, just get the thought process. Thinking about the scenario, I'm sure if we come into April with dry (good) planting conditions, we would see your $3.18 anyway I think. | |
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Hey jpartner below
