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Middle Tennessee | I haven’t tabulated Macquarie’s score. But I remember once during a wheat rally–perhaps summer 2012?– immediately seeing micro-ads from the Australian investment house on Bloomberg broadcast, with quick cuts to wheat harvest. Maybe on the questionable power of that alone, I tend to give credibility to their pronouncements. Today’s quote of the day (from agrimoney’s blunt bearish reporting today), is from “the Macquarie,” reported in UK’s Agrimoney:
‘ “We do believe the USDA failed to reflect the tightness of balance sheets in South America,” the Macquarie said, pegging Argentine wheat imports in 2013-14 at a lowly 3m tonnes.
“When the USDA corrects their balances in South America they will be forced to increase US hard red winter wheat exports, thus showing the true tightness of US supply,” Macquarie analyst Chris Gadd said.’
http://www.agrimoney.com/marketreport/evening-markets-corn-price-ra...
(Hey Agrimoney, do you guys want to hire me to copy edit, or is that English proper?) | |
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Quote of the Day
