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There's carnage in the grain pits after today's final USDA report on the 2011 harvest shows...

There's carnage in the grain pits after today's final USDA report on the 2011 harvest shows greater-than-expected production and ending stocks, surprising traders who had been leaning the other way. Corn was locked limit down all day, -6.1% at $6.11/bushel. Wheat -6.2% at $6.01. Beans -1.6% at $11.83. (ag stocks)
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Comments (6)
  • User 509088
    , contributor
    Comments (1101) | Send Message
     
    yeah, but next year, with no snow, the top will be dry, dry. so don't splurge on landyachts.
    12 Jan 2012, 03:23 PM Reply Like
  • Gary Jakacky
    , contributor
    Comments (2554) | Send Message
     
    Excellent! I want my Wheaties and Corn Flakes to drop in price soon. Eat more beans, less frackin' more fartin'!
    12 Jan 2012, 03:29 PM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    If you look over the past history of the USDA reports, they have been remarkable only for how innacurate they have been. In importance, I rate this about 1.5/10.
    13 Jan 2012, 12:43 AM Reply Like
  • Moon Kil Woong
    , contributor
    Comments (11158) | Send Message
     
    I've been amazed at the run up in grains for quite a while. Given many who were playing the ethanol corn game are realizing that this is a ridiculous way to make fuel and the government can't afford it forever, I suspect many farmers will turn back to growing grain and other foodstuff. Hopefully, the huge food price run up will reverse a bit and help out everyone just making it by.
    13 Jan 2012, 02:14 AM Reply Like
  • ck_tech
    , contributor
    Comments (3) | Send Message
     
    Even if the USDA is wrong, my CORN ETF just took a kicking. Terrible news as it was making a nice comeback. I was reading the weather in Argentina is setting up to be hot and dry and this should decrease yields...we'll see. Good luck out there.
    13 Jan 2012, 08:27 AM Reply Like
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    On the other hand, this should make those companies where grain prices are a large expense a better buy because of lower costs.
    13 Jan 2012, 11:00 AM Reply Like
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