Surprising Bearish USDA Report Hammers Grain Futures Prices Down.

[MoeAgostino]

>

[furrowtickler]

ohoh, not good

[charliep]

Futures markets are ugly today.

[URL="http://farms.com/FarmsPages/Markets/tabid/214/Default.aspx"]nearby futures[/URL]

Will note that appears to be more crop inventory on hand June 1 but the acreage estimates are not negative for either soybeans or wheat. As Moe indicated, everything down in sympathy with corn but other crops are likely to start following their own path starting next week. I did hear the word $14/bu beans.

[cottonpicken]

Here is that damn rug i was looking for.

[charliep]

The rug I worry about is some of the things you have been highlighting in other threads. Stuff with nothing to do with agriculture and everything to do with global economics.

[charliep]

What is a good basis on US corn landed Manitoba? US corn prices would have to drop another buck to $1.50/bu before Alberta would start importing US corn. Will be interesting to find out the impact on distillers grains - may see more competitive pricing/more of it being imported. Distillers grains is a different story. Prices are starting to work to put back into Alberta rations.