Corn Futures Tumble Maximum Allowed on Surplus News

Corn Futures Tumble Maximum Allowed on Surplus News

www.bloomberg.com

June 30 (Bloomberg) -- Corn tumbled the most allowed by the Chicago Board of Trade after a government report showed U.S. farmers this spring planted more fields than anticipated as prices rose toward a record.

Corn also dropped today because U.S. inventories at the start of this month were larger than forecast, Grow said.

Stockpiles left over from last year's record harvest were 4.03 billion bushels as of June 1, up 14 percent from a year earlier

(visit the link for the full news article)


Related News Links:
www.cnbc.com

Yes, despite the fearmongering stories that the main stream media is pumping out on all the recent floods in Iowa. Corn prices tumbled today because of two reasons. Firstly, despite the report on the acres of lost crops, the amount of corn planted this year was up more than enough to offset the losses. Then, the report came out that showed corn inventories left over from last year were even more than the estimated losses due to flooding. That is, they knew there was a surplus from last year, but the surplus turns out to be even bigger than they were estimating.

It now looks like corn is in excess and you'd better be investing in soybeans to cover your losses if you bought corn hoping the price would skyrocket. Corn actually fell the maximum amount allowed by the Exchange board. They put the breaks on the price so it wouldn't fall off map.

Sensationalism in the media and Congress is sickening. Let the market take care of itself. Watch the video I've linked to below and you'll see that it's obvious that Congress needs to stop holding hearings to take more controll of the markets. The last thing we need is government controlling the prices of all the commodities. No doubt the prices would be climbing instead of dropping if you artifically set the prices.

www.bloomberg.com
(visit the link for the full news article)

Reactions and insight the rise of commodity prices, with Jerry Gulke, Strategic Marketing Services farming industry expert and CNBC's Rick Santelli


[edit on 30-6-2008 by dbates]

I agree 100%. Bio fuel companies and exporters and commodity traders who are profiting from this type of reporting are causing shortages everywhere in the world. Its going to be the same with Crude prices. Some of the exporting countries are complaining because they can't get they're tankers back fast enough to load because so many are sitting off shore with full loads waiting for space to offload so the price will rise. Same with container ships. Containers are siting at ports awaiting delivery because trucks are slowing down trying to save some money and not go banckrupt due to fuel charges and companies reniging on surcharges to the truckers. Its going to be a long hot summer!!!


Zindo

Keep repeating that to yourself over and over as your starving.

If you think the markets care about the little people then you are sadly mistaken.

reply to post by bismarcksea


So you know more about corn futures than all the investors on the Chicago Board of Trade? You must be filty rich by now. Prices fell because the market has excess corn. Show me one (mentally stable) person in the United States that is starving. In the U.S.A. obesity is one of the major problems of the poor. There ain't no one starving round these parts.

Originally posted by bismarcksea
Keep repeating that to yourself over and over as your starving.

If you think the markets care about the little people then you are sadly mistaken.

There would be no starvation in America, if people would just use their backyards for gardening. Our farmers markets and food banks would be full of fresh organic vegetables. Change the zoning laws so that people can install gardens in the front yard . Allow people to keep a goat for milk and a couple of chickens for eggs and people would be eating better than they have eaten in a long time in this country.

This current problem with quality and quantity of food will only become worse. Not only do the people who are speculating on food and oil not care about people they are down right malicious. While they speculate on oil, they make sure no new oil refineries are built. While they speculate on corn, they pass laws requiring ethanol be used. They spend their ill gotten gain at "charitable" organizationslike planned parenthood.

reply to post by dbates
I am always happy when people who are trying to profitt by misfortune lose their shirts.

The obesity situation in this country is the result of cornsyrup sweateners, artificial sweeteners and steroids added to meat. If you eat a chicken,a cow, a pig ,or a fish that has been fed a diet designed to make it bulk up quickly it will cause you to do the same. I spend a fortune to not eat fattening garbage. I also exercise everyday. If I eat a meal in a resturant I gain five pounds. In my opinion poor people are hit hardest by the poor quality of our food. The fat people I see look exhausted and sad. I feel sorry for most of the fat people I see. You would be surprised by how many of them do exercise and try to eat right only to be thwarted.



[edit on 30-6-2008 by eradown]

Hah! That's sort of good news, for consumers anyway. Quite a few of the farmers around here bet on corn. But either way the media is lying blatantly to the audience about these things.

Monica Novotny from MSNBC was just showing the audience a drought map listed HERE and said that the major droughts in North and South Carolina were effecting major soybean crops that are in the region.

Then I looked at THIS .pdf map of soybean crops provided by the USDA and the information she provided seemed blatantly manipulated.

"This drought will certainly have an effect on already record corn and soybean prices." You said a LIE Monica Novotny... Corn goes down the maximum allowed amount and the media has the brass to say that it's going up? WTF why am I still watching TV.
*trying to make it readable*

[edit on 1-7-2008 by beaverg]

[edit on 1-7-2008 by beaverg]