Corn, soybeans, wheat, rough rice all basically closed "limit down" on the day, dropping the maximum allowable amount.
Wheat takes a nosedive after reading the USDA report.My personal take on this report - in a word, "ouch." Can't say I saw this one coming - grain charts had been looking quite frisky of late, or so I thought - it's probably safe to call the grains bull dead for a little while after reading the supply/demand breakdown. I'm going to try and keep what powder I have left dry for awhile, so that we can reload down the road.
3 comments:
Thanks for the blog, it's a good read.
Ya know, it's a pity that these products are no longer appreciated for what they CAN accomplish. When taken literally, amazing returns are made. I noticed that wikinvest crosspollinated my most recent post with yours. Swing by www.ticktalklive.com to see what I mean.
Also, the kernal approach to forecasting appears to be all the rage right now: http://www.farmdoc.uiuc.edu/marketing/morr/morr_09-01/morr_09-01.pdf
Personally, if I had to speculate, which I don't, I'd stir in a hefty dose of Nassim Taleb's quant fallacies before going directional : http://www.edge.org/3rd_culture/taleb08/taleb08_index.html
Ah thanks - wow, that is quite the crosspollination - our posts must have been quite intoxicated when they hooked up!
Agree w/ you on Taleb.
thanks for the post! this seem to be a good blog for commodity trading.
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