Why everything going down now?

[Rich©]

Jesus wheats dropped alot between today and last friday and thursday.

WTH is going on to make this take place? They think someone made to much money?

[MoJeeper™]

Here's a text I got.

Your Crop Ins Agent:
USDA-'11/'12 U.S. Ending Stocks
CORN: 672 million bu vs 636 xpctd
SB: 165 million bu vs 152 xpctd
WHEAT: 761 million bu vs 667 xpctd

[ses]

I don't understand the wheat deal. Everything south of I 70 is burnt up with very little subsoil moisture. I don't know if these guys can even get a wheat crop out of the ground. I don't know how well I can get a wheat crop out of the ground and we have been getting some rain. There's a jitt load of wheat that gets fed, especially with the corn/wheat spread like it is. If this weather pattern doesn't change IMO the wheat crop for 2012 looks pretty grim. The northern boys are saying their yields are at par with their protein content, about 12 or 14 bpa. It ain't lookin' good in wheat country right now.

[Rich©]

Down another 23 or 25 cents today Ses.. Dammit.

Thats around 70 cents in 4 days.

Gdamn speculators and that flipping usda reports.

[beaner]

Rich, I assume you don't dislike specs when they are driving prices up. Got to accept one to get the pther..

[Rich©]

If the paper bushels were non existant....the price would be driven higher then it is now accordingly.

Why you protecting those corksoakers?

[looter]

After a relatively wet summer, the HRW in SD is going into powder. Hasn't rained a drop anywhere in central/western SD for 6 weeks, so what is getting planted will need a rain.

There are a lot of wheat guys who are either backing off on wheat or quitting it altogether.

Evidently Black Sea wheat is cheaper? They must of had a bonzo crop. Nearby corn is more expensive than nearby wheat as planting should be in full swing. Bizzare!

[looter]

I hear wheat at the Black Sea ports is $285/MMT? At our ports its $305?

Highmore SD is/was always a stalwart wheat growing mecca. Currently only two guys intend to plant a kernel there. Wheat is renamed in central SD. Everybody now calls it, "Poverty Grass."

[iowa55]

Looter; kind of looks like they may be grabbing $ while they can over there


Sept. 14, 2011, 8:47 a.m. EDT

End game approaches for Greek crisis


By William L. Watts, MarketWatch
FRANKFURT (MarketWatch) — Financial markets indicate Greece’s chaotic sovereign-debt saga is moving inevitably toward default, economists said, leaving European leaders and policy makers scrambling to avert a potentially disastrous domino effect that could wreck the euro and send the global economy into a tailspin.




German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou are slated to hold a conference call late Wednesday afternoon as Greece finds itself under pressure to implement further austerity measures in an effort to meet its deficit targets.

But many economists fear policy makers have failed to grasp the imminent likelihood of a Greek default and the damage it could do.

“The risk of a banking crisis is very real. I don’t think policy makers have the luxury of time in getting ahead of this,” said Neil Mackinnon, global macro strategist at VTB Capital in London.

A default by Greece appears likely in a matter of days or weeks, he said, putting the onus on policy makers to come up with a mechanism similar to the Troubled Asset Relief Program, or TARP, put in place in the United States after the collapse of Lehman Brothers and the rescue of AIG.

While European equities rebounded Tuesday and were on the rise Wednesday, credit markets continue to point to imminent default by Greece, strategists say.


French banks — carrying the heaviest exposure to Greek debt — have plunged sharply since early August. Moody’s Investors Service on Wednesday delivered long-expected downgrades to Societe Generale

Yields on one-year Greek government bonds have traded above 100%. In the market for credit default swaps on Greek sovereign debt, participants now provide “up-front” quotes that require those seeking protection to provide a massive initial payment.

On Wednesday, insuring $10 million of Greek debt against default for five years via CDS would require such a payment of $5.85 million and annual payments of $100,000, up from an up-front quote of $5.6 million on Tuesday, according to data provider Markit.


Reuters
Prime Minister George Papandreou as he addressed the Greek parliament at the end of June amid contentious debate over austerity measures. (Reuters photo: Giannis Liakos.) “The term ‘end-game’ is over-used, but in the context of the euro-zone sovereign crisis, and in particular, Greece, it does appear that we are approaching it,” said Simon Smith, chief economist at FxPro, in a note to clients.

“Many charts are maxing out or in free-fall, be it Greek CDS, European bank shares, peripheral spreads over Germany or German yields themselves” Smith said, noting the retreat in the 10-year bund yield to a record low below 1.75% on Tuesday before rebounding slightly Wednesday.

German bunds have rallied sharply, sending yields lower, on massive safe-haven flows as the euro-zone crisis has deepened.

Signs of stress in the banking system continue to mount. The European Central Bank on Wednesday said it allotted $575 million in dollar loans to two banks, marking the second time in a month that its dollar swap facility has been tapped.

While the amount isn’t massive, it comes as other gauges of stress in the banking sector show institutions are becoming more reluctant to lend to each other in the interbank market.

[Rich©]

Were on an upswing!

Wheat closed 3 cents higher today. Whoo hoo.. Phhrrtttttt.