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W Texas | IF they are counting some new crop corn on accident, as some suspect (and as I and many others strongly suspected last year), this is once again long term bullish. The smart end users are going to buy with both hands. Export pipelines will be full blast. Yet we will still have the same crop and same carryout as before this report changed perceptions.
The carryout is still down, the crop is still a disappointment for most, and oil is still precious. There is no hay in the Southern Great Plains, and something has to be fed to all the dairy cows in New Mexico and Texas (and milk prices are high).
If external economic forces cause oil to tank farther, then corn will go lower. If oil goes up, corn prices are going to be strong for the next year. | |
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Remember when I was called crazy for even thinking carryout would be 1.1 BILLION BU.
