Don't know that they were predicting $2.50 corn or $5 beans,but corn was over $6 yesterday and beans closed at near 13.75. A few weeks ago I'd heard that about $1.50 of the current corn price is purely speculative money from fund traders.
I think we'll see a "new normal",but at best,in my never to be humble opinion,were looking at longterm corn $4-4.50,$9-9.50 beans,cotton in the $90 range. Oil was gonna keep going to $200 and beyond when it was at $147 too wasn't it?
The only way for raw commodity prices to stay nosebleed high is for the products that they are used for are profitable when those comodities go in to them. Pretty tough to put corn and beans in to something and come out profitable at these prices.
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Today's Featured Article - A Cautionary Tale - by Ian Minshull. In the early 1950s my father bought an Allis Chalmers B and I used it for all the row crop work with the mangolds and potatoes, rolling and the haymaking on our farm. The farm and the Allis were sold and I have spent a lifetime working on farms throughout the country. I promised myself that one day I would own an Allis. That time event
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