Just a note the Oct. 11 USDA report is out today. Numbers can be found at:
http://jan.mannlib.cornell.edu/reports/waobr/wasde-bb/2002/
Nothing unexpected. World wheat carryovers continue to decline with another cut in the Aussie crop a major factor. Non traditional exporters (including China) continue to treat this rally in wheat prices as a god send and sell accordingly.
A market that is dead at present but continues to perculate with more positive news is vegoils and canola. Canola suffers short term from the strike on the west coast and lots of canola in the system. Tighter world vegoil supplies will start to impact things Jan. forward. I am not willing to concede the lunch I may owe Kernel but there are better times ahead. Your worries are getting canola in the bin dry and impact of green seed count.
One last note for options traders. I would be on alert to buy canola calls if things slip lower. Similar comments can be made for CBT corn (definitely the case if you are a livestock feeder). I am not so self assured on wheat - I like the other crops better given the rally that has occurred in wheat (this may change in the winter).
Others thoughts?
http://jan.mannlib.cornell.edu/reports/waobr/wasde-bb/2002/
Nothing unexpected. World wheat carryovers continue to decline with another cut in the Aussie crop a major factor. Non traditional exporters (including China) continue to treat this rally in wheat prices as a god send and sell accordingly.
A market that is dead at present but continues to perculate with more positive news is vegoils and canola. Canola suffers short term from the strike on the west coast and lots of canola in the system. Tighter world vegoil supplies will start to impact things Jan. forward. I am not willing to concede the lunch I may owe Kernel but there are better times ahead. Your worries are getting canola in the bin dry and impact of green seed count.
One last note for options traders. I would be on alert to buy canola calls if things slip lower. Similar comments can be made for CBT corn (definitely the case if you are a livestock feeder). I am not so self assured on wheat - I like the other crops better given the rally that has occurred in wheat (this may change in the winter).
Others thoughts?