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USDA and crop reports...

300 H and H

300 H and H

Bronze Member
GOLD Patron
Yesterday it was a crop report that we were all waiting for....And it was bullish both corn and soybeans. Before the open I bought 3 contracts of soybeans, 5K bushels each. The market is up nearly 50 cents since then, as the crop is not as large in acers as was thought a month ago.

I predict with late planting and cool temps for weeks now that the current corn crop will not make maturity before frost in the NW 1/3 of the corn belt. There will come a time to buy a few corn contracts as well, maybe now if this is a bottom. But I fear there is too much paper in the corn pits for the low to be in yet, as the short sellers are not out quite yet. Eventually the actual comodity trumps the paper trade every time.

I have a feeliing there will be surprises at harvest due to this cool summer, and no one is thinking that way just yet in Chicago. Hope I am right...

Regards, Kirk
 
300 H and H said:
Yesterday it was a crop report that we were all waiting for....And it was bullish both corn and soybeans. Before the open I bought 3 contracts of soybeans, 5K bushels each. The market is up nearly 50 cents since then, as the crop is not as large in acers as was thought a month ago.
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Good move; nice investment.

I've heard of making money flipping houses, but flipping corn? Sweet.







BTW, what ever happened to global warming?

.
 
Kirk,

I am hoping, for the sake of your fortunes, you are right with the bet. And at the same time, I hope the shortage brings some sense tour nation which sinfully burns food in our engines to the good of no one but a select few who were well connected to our legislatures.

Given your predictions,,,,the new E-15 push is crazy talk.
 
I am seeing a lot more beans around here this year. Great looking too. I also see a lot of fallow ground planted this year. Hundreds of acres that were listed as abandoned ag are now being tilled and planted.
 
squerly said:
Maybe it's just too early in the morning but I don't understand???
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I bought a March futures contract on soybeans for a fixed amount set by the market yesterday morning. I now own "paper" soybeans that will last till the last days of Febuary, delivery date for the March contract....

In the mean time I plan to sell those contracts before the delivery date, at a higher price than I paid, as I am predicting the market will go up before then, when harvest is over. By that time we should know the crop size, and that "fact" will raise the price of those soybeans, and I will sell at a profit on soybeans I didn't grow or have to even see, much less handle. It's only paper till the delivery date, if you wait that long to sell. If not, you have to come up with, in this case 15,000 bu of soybeans. Futures traders don't go there.....:unsure: Farmers have the actual comodity in hand, so it is different for us... But I plan to sell out long before then. I alos have a 30 cent stop loss on those contracts, so if the market drips more than that, it will automatically sell my position out...Need to watch that one...

Mule, ground being brought back into porductiion is usually done with soybeans, as weed control of the original grass crops is much easier than in corn, as it is a grass plant....

Hope this clears this up,

Kirk
 
Corn futures fall sharply on forecasts for rain


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Published: 8/13 8:21 pm

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Updated: 8/13 8:22 pm





Corn prices are falling sharply after forecasts for rain in crop-growing regions in the northern U.S.
Metals prices closed mixed Tuesday, while energy prices were mostly higher.
Corn for December delivery fell 16.75 cents, or 3.6 percent, to $4.4725 a bushel, the lowest price since September 2010.
Todd Hultman, a grain analyst at DTN/The Progressive Farmer, says favorable growing conditions for corn have been sending prices for the grain lower, even after a blip higher Monday on lower crop yield estimates from the U.S. Department of Agriculture.
September wheat fell 6.75 cents to $6.2825 a bushel. November soybeans edged up 2.5 cents to $12.2775 a bushel.
Oil for September delivery rose 72 cents to $106.83 a barrel in New York.
Gold for December delivery fell $13.70 to $1,320.50 an ounce.
 
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