USDA Crop Acreage and Stocks Report

[charliep]

[URL="http://www.usda.gov/nass/PUBS/TODAYRPT/acrg0612.pdf"]acreage[/URL]

<a href="http://www.usda.gov/nass/PUBS/TODAYRPT/grst0612.pdf">stocks</a>

[errolanderson]

Charlie - at first glance, reports look
slightly bearish soybeans, neutral corn
and supportive wheat. soy acreage above
76 million might trigger some selling,
but this market is all about the
weather.

Stock markets up strong due to extension
of Spanish repayment terms. Equities
fixed for the day, we'll see what Monday
brings.

[buzz]

I have been reading about the hot dry weather in the us, how bad is it?

[charliep]

Bad enough to have the markets attention. Realizing some here including Errol have commented 166 bu/acre corn was high, most analysts are trimming back corn yields to the 160/bu area with a continuation of hot dry weather pushing things back to closer to 150 bu/acre similar to 2011. Suspect todays report will be a non issue in the market with other factors far more important but that is to be determined.

[ado089]

When there is a weather scare a neutral
report is a bullish report.

[charliep]

I would cautious with that statement. The reason prices have been rising over the past 2 weeks are weather issues. There is nothing in this report to break that trend. Having said, a change in weather pattern short term or impact on demand longer term will impact prices. Can either the ethanol industry ($80/barrel crude oil market) or the livestock industry afford a sustained price of $7/bu corn? As Errol said, volatility will be the new world.

My theme is corn. Have a look the December corn chart.

[URL="http://www.farms.com/markets/?page=chart&sym=ZCZ12"]december CBT corn[/URL]

[charliep]

Interesting to me that the markets are rallying nicely again today but remain in the trading ranges of the past one to two weeks. Will be interesting to see which way prices break out. One time it is nice to admit to beginning a student of the market and not an expert.

An observation from my schooling over time is markets that rally early in the growing season have more difficulty than late season rallies. Bad news is being built in early (combined with a speculative community that likes to stampede the market higher) and the expression bull markets need to be fed news everyday. I will be watching amd learning just like everyone else.

[hedgehog]

can beef men or ethanol men afford corn at $7 ?

they are going to have to.

[agstar77]

40 per cent of u.s. corn goes to ethanol.

[BTO_farmall]

This Market is being well fed alright. No Rain is sight fer days, Months Even. Probly go The Rest of The Growing Season without Significant Rain Fall. Hope Every Man and Their Dog has Good Coverage Levels, Gunna need em' This Year!!!!!!!!!!

[cottonpicken]

Imo,today was the day we needed,in the know
money buying up the crb,front running the
western worlds debt monetization scheme.