Is this thing turning around or what?

[boarderbloke]

Looks like USDA found more corn and a helleva lot more wheat!

http://news.tradingcharts.com/futures/0/2/154846020.html

Take you back to my posting about the tables being turned on Feb 24 or 25.
Don't think wheat will turn around unless we see a bad frost in the southern USA like a couple years back on that Easter weekend.
Also worries about the equity market, and this doesn't help,

http://www.nationalreview.com/exchequer/261796/biggest-bond-fund-dumps-us-debt

http://www.bloomberg.com/news/2011-03-09/gross-drops-government-debt-from-pimco-s-flagship-fund-zero-hedge-reports.html

[Hopperbin]

I am down 6 percent on the day in my Resourse stocks tell me about it.
I would like to hear the news that is causing this. At least Canola is up 11 dollars off the days low so far.

[boarderbloke]

http://www.cnbc.com/id/42006905

[Hopperbin]

POT is now down 17 percent from their high. I hear investors there pulling out for to take profits, as price has gained enough in the last year. Oil down causing usa dollar index to rise.
Unless China's economy slows down this hopefully should be short lived. Oil is still high anyways. Libya's leader levelling a city there is not good. Looks like oil production there will be down for an extended period. China has indicated larger domestic copper production and stocks. So copper here looks overpriced. Anyways we need speculators in the market to hold our grains up.

[Hopperbin]

Border in your news article states this

China reported a surprise trade deficit of $7.3 billion in February, the largest gap in seven years, and its first since March 2010, sparking fear of a global slowdown that affected oil as well as other commodity prices.

"It looks like the slowdown scenario is picking up steam based on the Chinese trade numbers," Andrew Brenner at Guggenheim Securities wrote in a note to clients this morning.

Border? It is technically impossible for China to have a trade deficit here, this news article or the chinese statement is playing into what we want to hear so we can stay in our fantasy land just a little longer. Must question the validity of the statement.

[Hopperbin]

Canola now up 18 dollars from that low and climbing as we speak. Now 20 dollars before I could even type this, Relax Eh

[charliep]

An interesting day. Appears to be many buyers on price dips. Nothing really changed on todays report. Will need to watch upcoming USDA stocks report.

[cottonpicken]

Hopper or anyone,done much due diligence on aaa vs
wpx?

[boarderbloke]

Hopper, do we trust anything the Chicoms say! Being in ag, we know full well how China will put out press releases to alter the markets. Has demand for food really changed any? I think we agree, NO.

[boarderbloke]

http://www.bnn.ca/Stock.aspx?pi_symbol=AAA-X

[boarderbloke]

$22 swing in July canola, seeing green now though.

[boarderbloke]

Not happening in MGE wheat, MAY still down 25 3/4 cents

[boarderbloke]

I guess I'm getting my answer this morning, JULY canola down $26.00 and NOV down $24.00

[charliep]

Would watch the outside factor of the earth quake in a Japan. A major crop importer with just in time shipping and likely major damage in ports. Perhaps like the tsunami resulting from the earth quake, there will be more highs and lows.

The unknown risk factors are likely to have as much impact on markets as anything. CeePee made reference to the "Black Swan" movie. Heard this referred to lots these days (haven't seen). An impact from something unanticipated.

Market prices as high as current levels will trade as nervous as a long tailed Tom cat in a room full of rocking chairs. Stay tuned.