Markets were sharply lower today as we broke through some resistance. Soybeans staged a late rally to close back of above $9.00 in the March contract. I spent last week in Louisville at the National Farm Machinery Show. The consenses of market analysts at the show were that beans are overvalued, the corn/soybean spread is too wide and we will plant too many beans with the current carryout. I visited with several farmers across the midwest and they seem to be sticking with their current crop rotations, very little fall applied anhydrous. This should be supportive to corn but negative beans. The USDA ag forum is next week when we will get our fist glimpse at USDA projections on acres.
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Quote of the Day
"I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world."