Beans up big this a.m.

[LWeber]

Come along ways, for having a Pilsner, incognito.

Weather in EU getting ugly next week. Ridge forming in Volga. East of 2008 center.

I'm sure the weather risk managers on Main are all over it just like they were in 2008.

[cottonpicken]

I've only EVER had two voices in my head,lol.

[charliep]

An interesting day. Old crop soybeans, soybean meal and canola up. New crop - lots of red (a down day). soybean oil down all months.

[MLamirandeRM]

Almost four years ago, July 2008 soybean futures hit an all-time record high of US$16.63/bushel on July 3, 2008. Soybeans futures traded only 21 days above $15.00 and only 7 days above $16.00/bushel. 2008 November soybean futures also hit a record high of US$16.36/bushel in 2008.

Strong global demand and lower South American production due to a drought and now frost in Argentina (the soybean crop may total even less than recent pessimistic forecasts as only one-third of the second planted crop is complete) is causing prices to move higher to ration demand. Returns to the 2008 highs are not out of the question! We expect the USDA to lower old crop 2011/12 ending stocks in the upcoming USDA May WASDE report scheduled to be released on May 10, 2012 from 250 million bushels to 200 – 225 million bushels on higher exports, particularly those to China. If this does happen new crop 2012/13 soybean ending stocks could drop to 89 – 114 million bushels, below the 2008 lows!

[cottonpicken]

This is a long ways.

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