AUDIO COMMENTARY

Grains take it on the chin but no damage
Still sitting at support on the charts
Watching the corn spread movement
Inverses vs carry in markets. Why it matters
MPLS at a discount to other wheats this year
Very wide range of yield guesses. 9 bpa range
Lot of comparisons to 2010
USDA claims we have extra corn. Why?
Risk is that USDA doesn’t lower yield much
I personally think report should be friendly
Be comfortable with whatever USDA does
How to get comfortable in your situation
Who should have downside protection?
If someone has to deliver vs has stuff sold
What type of move are options implying?
Conditions dropping at harvest might be a clue
In a few months we will know this crop
Currently there are still plenty of unknowns
What is going to happen with demand?
Being patient in marketing if you can. If you are going to be backed into a corner you need to spread that risk out