Posted on 05/18/2011 2:24:59 PM PDT by blam
Why Corn Is Suddenly The Hottest Commodity In The World
Joe Weisenthal
May 18, 2011, 4:30 PM
In case you don't watch such things, the price of corn has been soaring of late. It's the hottest commodity around.
Here's a chart:
What's behind the gigantic move?
Basically, weather and the fact that corn plantings for the year are WAY slower than estimated, and way behind historical pace.
As this chart from Morgan Stanley shows, the amount of available stocks to use has hit a record low.
And here you can see how behind corn planting is this year.
Image: Morgan Stanley
It all adds up to a commodity un-crash.
Read more: http://www.businessinsider.com/why-corn-is-suddenly-the-hottest-commodity-in-the-world-2011-5#ixzz1MkSFmx3e
(Excerpt) Read more at businessinsider.com ...
I'm curious. Do you have the same type of data on cotton? The USA had historically planted about 14MM acres of cotton but reduced it to 9MM acres last year, as some of the farmers, particularly in the south, could get two soybean crops in and the revenue is better. This year, with cotton in such a high global demand, more acres are supposed to be planted but the USDA has not yet released these data (at least I haven't seen them). TIA
I live in Iowa, with cornfields as far as the eye can see. Yes, planting is a bit behind normal, but still well within the range needed to get in a full season, with maximum yields.
Here around Memphis, with the flooding, some of the plowing has been done that I normally see this time of year, but there has not been near as much planting of cotton as prior years.
Hmmm....the farmers here have been planting wheat like I’ve never seen. Last year corn dominated but wheat this year.
As an aside, my gardens have failed. First time in over 40 years.
yeah, because we’re burning it.
The fields here in Southwest Ohio haven’t been touched.
Too wet...
same here in cent Indiana
about 4 good planting days last week was it
it’s not a disaster by any means but the window of success is narrowing
...been looking at hand grinding and shelling mills but will have to build greenhouse space for corn for next year but will try indian corn with small covers and tie-downs this year. ;-)
http://www.csbellco.com/hand-grist-mill-2.asp
http://www.csbellco.com/corn-sheller.asp
In my little corner of America, not that far from Iowa, it looks like Al Gore took all the global warming away and sent it back to the North Pole. Normally it would be prime motorcycle riding weather now, but for a month it has been untypically cold and wet. Corn probably isn’t too happy with that. (Actual global warming, especially with more carbon dioxide, would have corn aficionados smiling from, well, ear to ear.)
Bump to read later
No, sorry I don't.
The major export of my state is timber and timber products, logs, lumber and etc. I don't know how we got to be known as a major cotton growing state. We're 73% forests and that's growing at one million acres a year.
I've seen beautiful fields of wheat growing (being harvested now) right here on the Gulf Coast...I've never seen wheat grow here before. I always thought it was to humid here for wheat. Anyway, we're now in a drought.
Same here in South Dakota. Wet! The farmers are way behind. My Brother in Law (A farmer) has only so long before he plants all his fields in soybeans. I understand soybeans don’t have to be in the ground as long as corn before you can harvest. I feel for him; Prices have never been this high and he can’t get a seed in the ground!
Here in Story Co. (Iowa) the corn is up. Everyone I know have their corn planted and have moved on to beans.
Well we could start a recycling program for it
Yep.
You might be able to find your information here: http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1393 (Weekly Weather & Crop Bulletin for week ending 15 May)
A short entry on page 15 has cotton at 42% for the end of last week about 2 percentage points behind the 5 year average.
You might be able to find your information here: http://usda.mannlib.cornell.edu/MannUsda/viewDocumentInfo.do?documentID=1393 (Weekly Weather & Crop Bulletin for week ending 15 May)
A short entry on page 15 has cotton at 42% for the end of last week about 2 percentage points behind the 5 year average.
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