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List,
Corn and beans came in with the year's lowest consensus numbers:
Corn=25.0 & Beans=22.2. In fact, I scanned back through 1997
and 1996 also and there's nothing that comes close to these
numbers on the downside. This type of bearish sentiment
inevitably sparks a rally. Anybody notice the dollar "tanking"
on Friday? The $ index gave back every stinking penny it gained
since June 19th. Boy, I just hate to talk these funkymentals,
but our grain just got a little easier to buy after Friday's
action in the dollar. When bullish consensus falls to these
levels, the interpretation is that there is no one left to sell.
The stock market is stealing all the headlines, but the
commodity index made new 21 year lows on Thursday and Friday.
We sure live in exciting times...I think in the morning: I'll
have a bowl of $4/box Wheaties, that have less than a pound of
wheat in them, and then I'll talk to some local producers, who
are getting paid less that 2 bucks, at the local elevator for a
bushel (60 lbs.), and we can chat about how much Michael Jordan
and Tiger Woods get for being on those boxes and then try to
understand why Kellogg's reported disappointing third quarter
earnings. I just peaked and the grains are up in Project
A...maybe Cargills buying, maybe Tiger and Michael are going
long this evening, maybe it's time to go to bed.
Steve Karnish
CCT
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