Commodity market reacted bullish today raising wheat prices
42cents/bushel. The market reacted on news from Argentina of a killing
frost crossing the country severly damaging the growing crops.
The estimate of the damaged wheat crop was so bad, that the government
stopped all export business of wheat until an assesment is done to
determine wheather or not there is going to be enough wheat to satisfy
thier domestic consumtions.
I havent heard of the assessed damages on the soybean crop, but assuming
there are crop damages.
If the damages on the soybeans are as bad as the wheat, then we might be
looking at potential short honey crop. Not to mention the clovers and
canolas.
Argentina is comming off a extreemly poor production season, the carry
over is small.
Might be a time to hang onto that honey and wait to see how they assess
the rest of the growing crops
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