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Red River Valley | Driving around today looking at some Jobs had a lot of windshield time with this time I decided to start calling some merchandizers and a couple of hedging brokers.
I asked three questions of them
1) Were US farmers selling the rally
2) Were US farmers looking for More
3) What about Brazilian
the answers I got were
US farmers were not selling but a trickle Most feel that when the truth about this crop comes out corn will be fully over $6.00 and a return to $8.00 is probable. One merchandizer who company allows farmers to put on positions on there contracts stated a lot of farmers were going long against sold grain over the last two days.
Hedgers houses were seeing farmers going long in a big way on the cbot
the most notable hedge pressure was coming from overseas IE Brazilian Farmers were selling both NC and Old both Corn and Beans
So from the 1/2 dozen conversations I had it looks like SA farmers were sellers and US farmers were buyers.
I guess we will see who's plan pans out
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Interesting Very Interesting
