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Beans up BIGLY

What do you think is driving the bean rally? My assumption is that the beans aren’t as good as everyone thought. I’ve talked to several farmers in Iowa and KS and beans seem to be off 20 bushel from that hot dry spell late summer. lots of tiny little beans. Also, just curious why so bullish on corn? Other than the derecho area yields seem pretty strong from what I have seen. Wheat could be a complete loss in ks if we don’t get rain soon. everyone is planting into dust and no rain in the forecast.


one word, CHINA.

They are going wild buying corn and beans. I think there will be an acre battle this year, with the corn, beans, and wheat all actually looking like a decent play. Iowa is going to have an off year for them and corn yield, not even counting the wind.
 
$10.20 beans here. Corn was almost $4

Harvest here in about 5 counties was way worse than anyone expected. Like I’m guessing based on 6-8 guys I spoke with - their harvests on beans were maybe 20 bushel lower than they thought they would have. Corn is pry 50-70 lower than expected.

like, some guys had beans 20-35 bushels where one would think should have been 45-60. Corn 60-150 bushels where would have estimated 140-220 based on the year. Crazy!!!! Hard to explain. I’m sure there’s some good yields out there but the small sample of folks I talked to- a lot of missed expectations. The increase in prices sure match what yields are coming out at.
 
Keep an eye on what the hedge funds are doing... they are currently 185k contracts long on corn and probably close to a record long on beans. I wouldn't for one second be afraid to sell the first big drop that happens. Even tho its hard to sell on a down day. But for now the trend is your friend.
 
Up here in NE Iowa, we were considered a garden spot of sorts. Bean yields may have been the best ever, corn yields are way off though. We were really wet till mid-July. Then the taps shut off and a drought set in. Beans must have had enough water to finish, but corn didn't. Ethanol plants seem to be begging for corn. They'll put out a bid above the market to entice some selling, then the market catches up to their bid and they have to do it again. River market is showing they are still in need of some beans also. Sure a change from summer. Some fortunes made for guys brave enough to go long!
 
Up here in NE Iowa, we were considered a garden spot of sorts. Bean yields may have been the best ever, corn yields are way off though. We were really wet till mid-July. Then the taps shut off and a drought set in. Beans must have had enough water to finish, but corn didn't. Ethanol plants seem to be begging for corn. They'll put out a bid above the market to entice some selling, then the market catches up to their bid and they have to do it again. River market is showing they are still in need of some beans also. Sure a change from summer. Some fortunes made for guys brave enough to go long!


looks like the river wants to buy your corn now too
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Up here in NE Iowa, we were considered a garden spot of sorts. Bean yields may have been the best ever, corn yields are way off though. We were really wet till mid-July. Then the taps shut off and a drought set in. Beans must have had enough water to finish, but corn didn't. Ethanol plants seem to be begging for corn. They'll put out a bid above the market to entice some selling, then the market catches up to their bid and they have to do it again. River market is showing they are still in need of some beans also. Sure a change from summer. Some fortunes made for guys brave enough to go long!
I wonder how many bushels were left unsold? It'd of been pretty tough to hold your cards this year after the beating of the last couple years.
 
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