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FOX
Jan 16, 2011 4:00am EST
soybeans is now 140 million bushels down 25 million from december. strong demand from china continues to eat away at supply. add it up, and it appears the battle for acreage will be fierce this spring. >> the big picture, guys, the big picture is that the market has not done enough to buy corn acres for 2011 seeding and soybeans aren't just going to willingly hand those acres off not with 140 million bushel beginning stocks. there's no cushion on the supply side going into the 2011 season for corn or for soybeans. as a result of that, these markets are going to be fighting for every acre that they can get ahold of between now and the spring planting season and with an acreage battle setting up like it is right now, we've got to expect some better new crops, marketing opportunities in the weeks and months ahead. for the he had tors of pro farmer in cedar falls, iowa, i'm chip flory. >>> a top economist at the usda believes the bull market will create more crop acreage in 2011. speak at the american farm bureau convention in atlanta, he says as many as 10 million more acres could come into
FOX
May 1, 2011 4:00am EDT
. >> and alan greenspan financial exsue ambulance. my eyes are on the china markets. the china exchange is significant rallies, over 120% this year. >> it's just growing. >> it's just growing and because their economy has been extended for an extended time period and they're getting ready for the olympics and one question is what happens after the olympics and does the estimation make themself look good prior to 2008. could they have a little slip in '09, '10. so when they have their natural economic recessions on demand, how is that going to happen? ethanol has been basically the darling of the corn market and biodiesel for beans but now it's blamed for everything and you got an energy bill that can't be passed and could we have a flooding of the corn curb out in 2009 and 2010. >> that has to happen in the meantime. is that part of it? >> and at the same time you've got crude oil, all time record highs with gasoline still below $3. there's a disconnect between gasoline and crude oil. there's going to be a spring back effect but the economy is not being affected by -- so nobody has got
FOX
Jul 3, 2011 4:00am EDT
things i asked you -- i know you know a lot about chi -- china -- will they buy more. >> i think it's -- a lot of users everywhere. whether it be china, feeders. it's a good thing. as far as china goes, all u.s. corn is below their domestic price, even with the taxes in there, they can buy a lot of u.s. corn. from my knowledge, i think you could see substantial purchases here. i think we saw quite a bit of corn move when the japanese had a problem. then you have a hard break in the summer where prices next year are questionable. it's a good move to buy grain. you saw them buy grain this weekend. i think you can see them buy more next week. it will be about five times more than people thing. >> thing -- people think. >> i think prices stay down. it works in their country. they can by a lot of corn just like they buy beans. >> is that positive? >> this break is a positive thing for agriculture. the prices went down. >> yeah, al, if we would have just continued to go up and hit $9, we would have shut off demand for two years. we've experienced that before. this sell off came at a ti
FOX
Jul 24, 2011 4:00am EDT
. >> you have concern about europe and china, you know what's amazing to me is it's all about the rhetoric and how they spin it but they talk about china slowing. they are slug half a per percent. >> i would take a half point off mine. >> china is looking at adding between 60 and 70 million cars a year in the next ten years this have increased last year alone jumped 38% from the year before. where our production on cars dropped 28% to the lowest level since 2001. >> right. >> we are are seeing things when they talk china, maybe a hair. the government has not been successful at slowing the chain down and that is when incident demand is still there. >> it is. they are increasing the production. they are paying hog producers $15.50 a hog just to breed them. >> we will talk about that when we come back. @@ =÷÷÷÷1g1g1g1g1g%g1g . >>> before we talk about 2012, i'm a little concerned that all this double crop soybeans are sitting there in a lot of dry dirt and they -- the acres are not really there. >> we talked about this, i think one of the things we to watch is the soybe
FOX
Jan 9, 2011 4:00am EST
point, i guess you move toward the end of the month and china books as much soybeans as they're going book and february gets tough as far as new bean purchases, so you might be getting top my around that government report. >> let's see what else may be out there in terms of causing the markets. we're on a pause, but there's got to be a reason for a pause. it's not just limited to the united states and things that are happening here. it has to be around the world. what are you looking at? >> one thing is the weather seems to be slightly improving in south america. that's been a big catalyst. also they're talking about looking at the fun length as far as the government. how much can you own? that's going to be a long, drawn-out thing, but it maybe has the tendency to push people to step back and say they want to be out for a minute. the dollar is also looking very, very good to me on the chart. that could take some hot money out of the markets for a bit. >> okay. around the world? >> i think looking over into asia, the higher you push commodity prices against them, it makes things diffi
FOX
Dec 11, 2011 4:00am EST
to you and yes. i know you have close relationships to people in china. one of the things that the report said they raised the amount of corn china had on hands. that true? you are smiling. >> you can believe everything that the u.s.d.a. and china says but it probably won't do you any good. they say the crop is 191 which i know they had good crops in china and it was better than the last two years, there is no question about that. if you talk to people that actually buy the grain over there and what the farmers had, my numbers in the 170s. we are a good 20 million-tons below what the u.s.d.a. says and road -- the odd thing is that the u.s.d.a. sent people over a couple months ago. people forget things and i -- u.s.d.a. said the crop was smaller and you know it like the illinois crop was small. it's not very hard to figure out. they thought it was not as big as the 180 they were saying then but they throw 190 on the report. that's -- china holding half of all the corn stocks no the world and the price is eight to nine dollars on the board and no corn stocks last year and now all thi
FOX
May 8, 2011 4:00am EDT
top producer is china at 564 billion or 15.7% followed by the eu at 8.2, and the united states at 4.9%. the differences become more when you use purchasing power parody which does a better job, a dollar will buy more food in india. the world put out is 4.2 trillon which is 6%, china has a 22.2%, india 14.2, the eu6.7 and the united states 4.1%. it is popular in this country to assert that united states farmers feed the world. as the figures show the farmers of the world actually feed the world. our china and india counterparts carry the bulk. the united states can't be the only answer. we will be an important part of a global team. as always we want to hear from you. send comments to mailbag at united states farm report.com or leave us a voicemail. for all of us, thank you for watching united states farm report, but search to join us again next week. we will work to do even better. >> . >> united states fa
FOX
Oct 30, 2011 4:00am EDT
every time the corn market dips china shows up. i think you have a real solid demand base and that's why it's like it is and i think that's just going to continue. >> very been talking about corn. is the same true about soybeans? somebody told held and made the argument that soybeans are better obviously than most people thought because they thought they weren't going it be good but we are raising more than we thought this year. >> lot of cases its expectations verses what the reality was. it was so hot and dry for so long. people's expectations were way down. as it's turning out bean harvest in most cases beat expectations, i don't know if we are up to average or what people are thinking on that -- on average i would agree that bean yields, are better than what was expected. >> will china be able to buy all the beans we grow? >> i don't know. i would have no idea but they have been buying a lot of them for a long time so i don't know why they would stop. they are in the process of trying to better everybody's diet. i don't think the conditions have changed. they have money, they wan
FOX
Mar 13, 2011 4:00am EDT
farmer. what concerns me more on a worldwide basis is what could possibly happen in china. if we learned anything in the last three weeks, it's that people when they get upset and they have access to the internet can change the world. and we saw what happened in 1995, if things get heated up in china, that could be a serious impact on our business here. so i believe that's one of the key factors we have to watch for in the next several weeks or months to be on our toes about. >> scott, if we have some old crop, corn or soybean, really doesn't matter. if we have some old crop in the bin what are some warning signs that is going to signal this thing is done? >> we really haven't seen any kind of blow out top or anything like that yet. the momentum is up, all this thing has heated up in the middle east but the momentum was up and bullish was kicking in. when you see that extreme acceleration and absolutely everybody is bullish and they think it's going to go up forever. that's usually a sign of the top. rick thought me that many years ago when i worked for him. but we are not seeing
FOX
May 22, 2011 4:00am EDT
beans. we have tight stocks. >> they said china and argentina got an agree meant that helped the bean oil price. it's really not helping the bean sales though. >> i hear they will pull the caps on canola oil and they are looking for corn in the september shipment. i think you will see -- they are hoping to get lucky on the weather. they are taking steps to make sure there is no grain. >> your concept on soybeans. >> we are washing out acres, the swollen mississippi river. probably not much of a change. probably seasonly lacks which is normal for this time of the year with south american production and got to remember they have a goodyear and worldwide soybean production would be up only about a percent çbut we aren't losing, supplies are tight and things could get exciting but if you step back and look at bean chart they have just been duking out, shadow boxing with the corn is looking like the shuttle liftoff. >> the next step i want to go to is talk about wheat at this time. i know -- talking about the world wheat situation, almost every country -- we have wheat in this country an
FOX
Mar 6, 2011 4:00am EST
surprise but china is a bright spot for trade. the export council said they purchased 320,000metric tons of milk powder last year. as spring draws near many farmers in the central and southern plains are concern ford their winter wheat crops. the u.s.d.a. released progress reports in kansas, oklahoma oak and texas. in texas 56% is called poor to very poor with 26% fair and in oklahoma 42% poor to very poor, 39% is fair. many of the areas suffered through arctic cold temperatures with little snow cover to protect the crops. >>> that's it for the headlines. now back to al for crop watc ♪ [ music ] >> crop watch this week take us from the still frozen midwest down to florida where field work is underway. a producer from iowa said there is talk of spreading fertilizer next week if the ground is still proceedsen. they finally had a round of nice days. for florida familiarers good weather conditions are allowing growers to till land. the conditions statewide remain mostly fair to poor. and in ohio winter wheat looks good. it's also very wet. rivers are out of their banks. >>> when we come ba
FOX
Feb 20, 2011 4:00am EST
>>> today on u.s. farm report. incredible demand from china equals a new best customer for american agriculture. it's a sign of strong economic times as big green reports big profits. and our team of analysts draw a packed house at the national farm machinery show. >> u.s. farm report brought to you by the world of farming is changing. be ready with case ih and by chevy and their award winning cars, strucks, and crossovers. >>> hello and welcome to u.s. farm report. i'm john. well it wasn't quite a drunken sailor atmosphere, but optimism was abundant, along with an appetite for technology and power at the farm machinery show. temperatures in the 70s added to the excitement. i was no exception as i waited for a half hour just to get an estimate for a new workshop i have long desired. not for myself, of course, but for something i can attach a new greenhouse for my beloved wife, jan. spring fever has many symptoms, i guess, and obviously some of them are economic. time now for the headlines. here's trisha. >> thanks, john. the export outlook for american agriculture is only getting br
FOX
Oct 2, 2011 4:00am EDT
think will happen -- here is the problem -- the black sea area increase in wheat production, china wants morrissey verse ty in the feed supply and i think they will rely on wheat. we have to watch it. wheat will be the biggest competing for corn because of all the global wheat supplies. overall i don't -- the market below five, wheat can't compete above 7. we will raining bound in this new range. >> every year in the middle of the harvest we look to harvests go down. when that happens our international buyers look to the united states. china and the other country that need the products will they be buying as much at these low prices in. >> they did last time. they bought a lot of corn this summer on the last break we had, i would think that would show up again. i haven't heard they bought anything, that's usually what happens though. so -- yeah, demand shows up at lower prices. >> china, there is a lot of stories, china will be up between four to five million metric tons above expectations. i think over the next three weeks you will hear a lot of unknown sales and a lot of will be
FOX
Mar 27, 2011 4:00am EDT
crop. probably china, they have been pricing corn -- market couldn't sustain that gain, it's a -- it's just exploded to the downside and down he went, lost 25-cents and -- it's a market where you don't take any long lunches, you get eaten forelain. . > >> you came in and were looking at the markets. i don't think you had your market in your land looking at it. you said wow, that's not much of a change and i can remember a few years ago when we went over five cents either direction it was a big change. how have things changed now? >> we are starting to see a lot of volatility. people have to realize with corn at seven dollars a buschel when it was at three dollars and a seven cent range -- now there has been a number of days that it's had a 30 to 40-cent a buschel range and we need to expect that. we had today a situation where the corn market rallied quite a bit on thursday where the -- when we started to hear about the basis at the gulf had strengthened and it started to be rumors and speculation that may be the commercials were buying corn fortuna sales and the market rallied
FOX
Jul 17, 2011 4:00am EDT
certainly china's opportunity to buy it on the breaks. >> they didn't waste any time getting into the market, did they? not at all. we'll talk about the people using the products. back in a moment with u.s. farm report. welcome back to u.s. farm report. our marketing round table continues with a discussion about how china is getting into the pork market and what that could mean for u.s. producers. >> certainly with china coming into the pig market, they made a statement two days ago they want to add more pork to their protein. certainly they're going to be able to afford to send a little more money on the feed. the cattle industry, the numbers seem low to me and i don't know how they're coming up with these numbers. >> i do a lot of feeder cattle out west. just to tell you about second chance. we went from 142 to 120 back to 145 in feeder in just a little over a month. so when it was down there at 120, you felt pretty bad, but what i'm trying to say and what i'm eluding to, these next two to three weeks are going to maybe give you your chance, if you didn't catch it the first time, to catch
FOX
Jan 2, 2011 4:00am EST
market. if thine china for whatever reason quit buy -- if china for whatever reason quit buying any of our grain or sell some of it back to us as they have in the past, that could be a problem. one of the two things we need to focus on for the american farmer in 2011 is don't ask me how high prices are going to go this year. i can tell you, though, what prices are going -- where prices are going to go once they make those highs and those prices will go back under the cost of production within the next 12 to 18 months. it has always happened. in my opinion it always will happen because the market's job is to force out the inefficient producers. so when we get to some nice prices, whether it's by march 31st, maybe it's by january 12th in the first production numbers, the final numbers. when we get these great opportunities, you've got to protect it because at some point with everybody along we will force this thing back under the cost of production. now we could be $3 higher in beans or another dollar or two higher in corn before that happened, but the fact of the matter is when we do
FOX
May 15, 2011 4:00am EDT
billion. that's a 27% increase over the same time period a year ago. nearly 20% are headed to china. canada is the second largest market. >>> united states corn surrender surpluses expected to grow more next year. that was a surprise from the may supply demand support. u.s.d.a. raised the corn ending stock to 730 million-bushels, above trade numbers of 661 million- bushels. they also pegged the ending stocks at 900 million-bushels, 92 billion over the estimate. >>> the first estimate of the winter weak crop takes in to account the drought in the southern plain at 1.4 billion- bushel, a decline of 4% from last year. the united states yield is forecast at 44.5-bushels an acre down more than two bushels from last year. >>> soybean ending stock for the year are projected at 170 million-bushels, that up 30 million from last month because of reduced export. >>> farmers are trying to play catch up with spring planting. the crop progress report showed 40% of the corn crop is planted. that's a big jump over the previous week. farmers in iowa had a 61 point game but the eastern corn belt is s
FOX
Mar 20, 2011 4:00am EDT
federation said china imports were up 90% from 2008 and -- and united states e ports were up to 128%. beef e ports were also going higher. january sales to canada the second largest market for beef were up 17% in january. that's it for the headlines, back to john for crop watc >> crop watch this week takes us to three different states, a nebraska grower who says most of his winter wheat hasn't come out. he said about two weeks of really good drying would help. now contrast that with denton county texas where a grower said there is not enough moisture for wheat to recover. he quilt wilts by noon and perks up by night. in georgia guilty or not planting is just now getting underway. the state office said 2% is in the ground. ground moisture is in good shape. 80% of the state has surplus top soil moisture. >>> the national weather service said flooding could be a big problem from the dakota's to the corn belt this spring. mike and i will talk about it later in the weather. when us farm report returning al is joined by greg and mike torres for this week's market wrap. the discussion star
FOX
Jul 10, 2011 4:00am EDT
product? we have got to sell it. china has been in the market and buying and i don't know what the ethanol people are doing. haven't heard anything about cattle and hogs but seems to me that would be a good deal for them. is that correct? >> either one of them. certainly a lot of people say that they are not seeing rationing here. we certainly have seen rationing. you talk about ethanol in the weekly numbers, you know -- first of all the monthly numbers still showing 5 billion bushel use for ethanol. weekly numbers we are running behind schedule from what we are seeing. they are rationing at those levels. if we drop down far enough we will get that demand coming into the market but right now we think we will lower that usage number down to 4.9 at least. >> i would make an important note is that rationing already occurred on a big spread person and if you look at the spread, this goes back premium july old crop corn versus new crop corn hit a high roughly in late february. it came back. it double topped on that chart. okay. and at the same time july corn exceeded its previous high b
FOX
Apr 3, 2011 4:00am EDT
anything about the fact that china has high priced corn locally and they will be buying corn off us because no one else has corn. and presumably they bought corn on thursday. >> we don't know. that but that doesn't mean they are out of the market. >> had a chinese footprint. >> okay. >> and folks, it is interesting that people were worried about the impact of japan and bless the japanese people and their ability to have this fortitude is this grace under extraordinary pressure. but as far as the market goes there is concern about japanese demand falling off and what is this going to do and in fact, it could ultimately turn out to be a very bullish situation. if you have increased meat exports into japan and increased corn maybe not corn exports per se but the finished product. it's isolated right now. but you don't know. in the situation in the middle east is so fluid. if anybody could say how this thing will ultimately turn out, you know, then they're really a guru because nobody, i think, knows. and in the case of oil, that's where your potential -- we may not have seen anything y
FOX
Dec 18, 2011 4:00am EST
the world. so that means if you're in brazil, if you're in china, if you're in france... speaking of france, i was there with my family this past year. my daughter's boyfriend was back in the states. she was on the phone for hours and hours and hours every night. we saved thousands of dollars by using the magicjack from our hotel room, just plugged into our laptop. it was absolutely amazing. let's say you have relatives in another country or loved ones stationed overseas. simply send them a magicjack. now you'll be able to call their magicjack for free, they'll be able to call your magicjack for free, and they'll also be able to call anybody else in the u.s. and canada for free as well. >> there is no phone bill... none! i'm talking 90 minutes at a time and it's free. it's awesome. >> my husband was in the military for 11 years. during that time, we made friends all over the world. we have sent our friends magicjacks as a gift and then we have one in our house. now we can chat freely and not have to worry about time constraints or money. it's, it's great. it's all thanks to magicjack
FOX
Jan 23, 2011 4:00am EST
subject of considerable interest to farmers. china has been a lucrative customer, but for other industries china has been quite frankly a cheater, a thief. no where is that more -- than intellectual property. in the tiny town of clay city indiana, the pottery company produces marvelous hand made pottery. we toured their factory. a few years ago their unique pieces were featured in upscale retailers like eddie bauer. one spring their orders just dried up, although exact duplicates of their pottery was being sold. now the 6th generation works at the pottery. there are hundreds of other stories from construction cranes to software. chinese manufacturers simply ignore the international rules of ownership or intellectual property. we need to grasp the wider picture and weigh carefully at what cost to our fellow americans. let us know what you think. sends e-mails to -- or call and leave us a voice mail. >>> coming up in our next half hour, how cut flowers make it from the farm to one of california's biggest city. stay tuned. the biggest part of u.s. farm report is coming up. t-t-umyñólvs. >>>
FOX
Jan 30, 2011 4:00am EST
. >> that can thank you, john and hello, everyone. global supplies can't keep pace with china's demand. hit -- that's more than double a year ago. growers are adding cotton acres this year. >> right now we're looking at the come -- commodity prices so we're very suitable for cotton so we're probably going to double our acreage in cotton. we'll probably back off from rice a little because the pricing there looks weak. >> reporter: an additional 2 1/2 -- some growers wondered how many acres cotton will take away from their favorite crop. >> the cotton competition, cotton up a dollar abpound. soy beans over 13. well, as a farmer i've got to pick out which one is my input cost and that is a big decision that's going to need to be made between now and planting day. >> reporter: peanuts are hitting 550 a ton but say they need to hit $600 to compete with cotton. some of the most successful farmers gathered this week. among the attendees, the 2011 producer of the year. jim klein from hartford city indiana. klein was one of three nominees that looks at not only the business ledger but community
FOX
Feb 6, 2011 4:00am EST
exports to china. there's also a discussion about the shrinking livestock herd in the u.s. >> it has been shrinking and continues to shrink. when you see the numbers, they're pretty abysmal. we'll sending half the heifers off the feed lot. we continue to see our costs go up. >> the latest usda cattle report says beef replacement heifers down five% from a year ago. with rising costs, some producers are choosing to take their herds to market earlier. >>> for the second straight year, the ag department is offering a general signup for the conservation reserve program. acknowledging the volatility in grain markets, these acres won't go into effect until the fall. land can be enrolled for up to 15 years. if you have a contract, you can make a knew contract offer if it's set to expire this year. your contract would become effective october 1st. signup begins march 14th and run through the 15th of april. that's it for the headlines. now back to john for crop watch . >> crop watch, this week take as tour of the heart land, a wheat grower from kansas checks in. he had bare fields and bitter c
FOX
Nov 13, 2011 4:00am EST
demand is a big fear issue. nobody knows. >> we are concerned we aren't seeing the china exports, into china over soybean. >> they aren't buying as much. >> they are slowing down and we are seeing problems, certainly if greece and italy fall and he with have more problems in the european union that will be a real knock for our demand for grains around the world. it's one world pot when it comes to grain. if the europeans aren't buying australian or german or whatever they can get chances are they aren't buying ours either. it's all playing into one big pot and that pot is the demand pot and that looks like it's lower. >> hear you talking act supply and demand. talking about grain, about use and that kind of thing. i know you -- you are talking account what happens to the outside. we probably should point out you are a speculator and don't represent other people in this but yourself. >> yes. i fund my own account. trade my own account and when i have an idea i put the trade on and seems like more times than not -- by the end of the year it usually works and the opportunity for a s
FOX
May 29, 2011 4:00am EDT
bit but the demand has been great, china is a big factor, plus our domestic areas. do me the bigger question is what will happen in the next six months, right now strong, strong demand for corn. >> you were going to comment larry. >> i think -- we may not get the price that much higher because i think there is some demand. this may be the -- year you want to leave all the delivery points open, learn how to track and trade the bases level, i think we will get more moving in the basis, already seeing parts of the western corn belt. don't get mired in to thinking we will just trade this, the cash price based on the board, learn to track the bases and be ready but definitely leave the delivery points open. >> okay. we will come back with more in just a moment. . >>> mark had a comment, kind of related to what jim was saying about -- . >> taking the bases. >> great point. >> one of the things i talk about in my seminars, one of the key point is track your local bases. we see in a 50, 60-cent swing in bases. if you can learn that we all talk about marketing and where we think price also g
FOX
Sep 25, 2011 4:00am EDT
perform horribly as of late, and one of the reason is china will be out of the market because their banks are closed for the week. so you don't see the end-user by another the market, but as we go through next week i think our lows will be put in november the 30th crop report, and there's it pretty heavy seasonal waiting for beans to drop, and, i would by corn on the break. i think it's pretty good value here, especially after we have seen the snapshot of how low the yields are, i think they are between 141 and 145 for the national average. >>> and i think once china comes back and it's open, there are lots of soybeans. i think it will be okay. >> i think we will harvest less than without blue harvest this year but those are just guessed numbers and we won't know until we get to harvest. >>> we need to know whether we will have its supply or demand too much one way or the other. >> i would suggest right now that supplies would be in short order relative to demand. october should have some revised estimates on the harvested acreage and i agree with andy, i think contrary to what some
FOX
Feb 27, 2011 4:00am EST
china, we're talking about ethanol, hogs, chickens and we're talking about cattle. what are these prices going to do if it hasn't already started to those. >> well, $6 was tough, $7 is taking a way a lot of profit margin. in some places like the poultry market, it's eliminated it. on this break this week they put on another 2 to 4 weeks of usage, so they are locked in where they can make money even if we go to $8, a lot higher price, they are still going to have corn they can grind out at this sell out we just had this week so i don't think you're going to see the kind of price rationing that we would normally see at these price levels because these guys are pretty well covered. >> you are nodding that you agree but i also see a little frown. >> no, i definitely agree with that. it does make a big difference, though, for the first time we are seeing the profit margins fall apart so i think that is a red flag but i do think it is a little misleading what you said, i think we're timely at -- finally at a level, ethanol the margin is not friendly at these levels and soon it's going to. >> l
FOX
Aug 14, 2011 4:00am EDT
trying to influence them what's happening to them in china. how about affect us quite. >> chinese friends who went up 8% this week, 17%, the big increase of the nativity in america just went on sale by 8%. >> they have more buying power in their currencies started to appreciate and that's probably not going to stop. they are big importers of our food and i think that we'll just ratcheted up. >> other countries around the world come up with happening in your area click. >> we are selling a lot of pork which is relatively new to the far east and they are taking a lot of tended to us. and, it came up the board friday at record prices. and, one of the hot producers, the back of the market is kind of the discounts of the pork industry i think we'll be in good shape for along company and the pork industry is good place to park some money. >> well it's not only in the united states for other places. in terms of feed that means pork will go to higher prices. you see that affecting the world market? >> yes i do. i think the whole world economy right now is probably more important than the
FOX
Apr 10, 2011 4:00am EDT
standpoint, for example, the middle class in the next five-years in china will go from 350 million up to 700 million. basically you know double. what we will see there is a constant increase in need of food worldwide. my concern and i think maybe mark will agree with me on this, we said it earlier, this rising fuel price is essentially a tax and it's a dampening effect on disposable income for fixed income people that have to get themselves into the position to buy food and energy to live. there is a point where this higher fuel price energy price will put a stop in a certain sector of demand across the world and i think that's what is worrying me. >> now, i can understand that because we are feeling in the united states. then fuel prices have always been high when you get into europe. eight and nine dollars a gallon over there. >> to me the yes is we have these tight stats, the market has to ration the available supply and they will with price. in my opinion we haven't seen any real changes in demand, e ports are still strong, we did another 800metric tons of corn. the number -- etha
FOX
Sep 18, 2011 4:00am EDT
to china. they have 50 million-tons. they have more than trouble what we have. we were down to 4.4 million, now we have -- 125 with the frost maybe. it's four million tons, south america alone, just brazil, not -- have 42 million metric tons. they have ten times the beans in storage in carry over. we think there is a shortage and the beans have to go to $15. if the demand shifts from the united states currency, it's going to be a tough demand market to ever buy back. >> i guess really -- i don't -- probably don't have time but what is the producer goingo do. how question make decisions, those pressures are high, they need to take advantage when they go down. >> really simple, just pick up the phone and sellt. old rule of thumb. never store a short crop, always store a big one. we are telling clients not to store anything. have everything sold. if they want to -- delivery for taxes, fine but have it priced. i -- we are 80% sold in old crop, 50% on the new crop to 12 and i think that is to right. i think we should be heavier, rallies, don't think many will -- you can lock in the -- w
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