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| Dallas,
How's the crop up in your little end of the corn-belt? We've had too much rain, I was afraid of contracting backyarditis, so went on a tour last weekend.
I was really surprised with my trip, soybeans especially, extremely short (late planted?)for this time of year, in my travels. N loss and water damage nearly everywhere on the corn, not that there's not some very nice corn out there; but, there's usually P-poor not too far away. Some of those Platte Valley folks probably wish they had as much invested in drainage tile as they do irrigation eqt. "Rain makes corn, corn makes whiskey", lot's of corn farmers from ~Grand Island, NE to Champaign, IL are probably easing their minds with it, because of too damn much rain.
Trade, I'm guessing has been trading this corn market @ somewhere above 162.5, maybe 165-170? Jackson & others tonight are prognosticating the rain (of all things) in the forecast could get us an extra 6% on top of last year? due to test weight? My guess is a <160, with maybe some less harvested than guessed. 156-158 is still a respectable national yield, isn't it? Statistical trend is what, ~159?
Mark | |
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Markets coming to grips with reality.......
