Otay!
Posted on 12/21/2007 2:08:14 PM PST by Free Vulcan
Soybean futures on the Chicago Board of Trade hit their highest levels since 1973 on strong technical buying and bullish long-term fundamentals, which included concern over securing enough U.S. soybean acres for next spring.
U.S. soybean acreages have fallen sharply as farmers jumped to corn amid a rally in prices of the other crop last year.
In Friday's trading, CBOT soybeans for January surged as much as 17.25 cents to $11.78 a bushel. They closed at $11.77-1/2, up 16.75 cents
CBOT corn for March rose as much as 10.5 cents to a 11-year high of $4.48 a bushel on indications of good demand for U.S. corn from exporters and domestic end-users. March corn closed at $4.435 a bushel, up 6 cents.
But wheat bucked the trend, with CBOT's March contract sliding 15.75 cents to an intraday low of $9.38-1/4 per bushel, after technical selling and profit-taking. It closed down 5 cents at $9.49 a bushel.
(Excerpt) Read more at forbes.com ...
Thinking Forbes, typed Reuters. My bad.
$16 beans ahead...
As I understand it there is a shortage of both wheat and soybeans as acreage for them is plowed under in favor of (ethanol-subsidized) corn.
So among other things, this would lead to a bump in the price of soybeans, yes?
Stronger than expect spending suggest the US isn’t heading for a downturn and that the worst of Housing credit problems may be behind us.
Farmers may be smiling but livestock producers are not.
The Journal had a recent article on how a multitude of deep-pocketed interests are coalescing into a Mighty Wind on “K” street against ethanol subsidies.
The “agricultural lobby” is not of one mind, it would seem.
Where’s Dan Ackroyd and Eddie Murphy to make a killing off this bubble?
And then they run "retail sales exceed expectations" after the reports come out.
Amazing economy.
I believe that that’s pretty much correct.
Although the blending subsidy for ethanol isn’t as much as they make it out to be.
PEECTURES! VE VANT PEECTURES!
Would help if I posted to the right thread.
BS, soybean is high because of a major drought in the south, and farmers are buying extra soybean to replace hay. It is short term only!
Outstanding! USSR type diktats for ethanol production result in higher than ever food and meat prices. All of the ethanol zombies at this forum should be proud of themselves!
Interesting.
ROFLOL, so that is why the government was cranking out billions this past week to cover banks. When and how are they going to pay it back.
One thing to keep in mind is that in 1930 at the depth of the Depression, production of everything was astronomically high, especially oil, and prices were next to nothing, which ruined many businesses. There were no shortages at the production stage. FDR began the practice of reducing production by paying producers to not produce, thereby keeping prices in the profit range.
Actually, if they’d keep the stillage syrup out of it, ethanol DDG’s are excellent feed, and there’s plenty to go around. Ethanol itself doesn’t use the part you want to feed to cattle.
The thing it really effects is the soda pop industry. Beyond that field corn isn’t really used for food.
... by use of taxes that kept the nation in depression range.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.