Corn Price Plunges To Lowest Since July 1, Hits Revised Daily Limit As Sellers Outnumber Buyers By 2000 To 1

Tyler Durden's picture

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SheepDog-One's picture

HOORAY we'll soon be getting Cool Ranch Doritos for .20 cents a bag!

Still holding my breath waiting for margin hikes on equities futures...turnin real purple here....

Clueless Economist's picture

I visited the Flight 93 memorial in Shanksville PA over the weekend.

The gift shop was selling flight 93 key chains, tshirts and towels with "Let's Roll!" printed on them - all made in China and Viet-Nam..absolutely sickening!!!

tip e. canoe's picture

if i recall correctly, Todd Beamer's 'widow' trademarked "Let's Roll".    there's some great discussion out there in the ether on her house flipping fascinations if you choose to search.   sick indeed.

Abitdodgie's picture

The worst thing about flight 93 is that plane is back in service with AA , so all the people who "died"in the crash must of been taken off and exicuted by the American government.

slewie the pi-rat's picture

and back to corn prices

wheat went back into "backwardation" w/ corn last week: as "transitory deflation" hit the commodities, right on cue, wheat went into a fairly rare discount to corn, price/bu, and it reached almost $ -0.25 before "correcting" back to $6.08 (w) & $5.92 (c) or something thereabouts, now (41-cent swing);  but both are down roughly a buck, recently (seasonality?), as is soybeans, now down about $2

the SNB devalued the franc, and then the "deflation" started

causality, or correlation? 

i'm thinking the former, but my understanding of "devaluation" and "currency peg" isn't up to speed, and i'm lazy, too!  nobody leaked those bankster plans, boyz!  and the "unintended (?) consequences" are somewhat freaking amazing to my addled mind...

espirit's picture

Harvest time soon, so grains at deflated prices pretty much insures the farmers won't recoup costs associated with production resulting in increased borrowing from the banksters to remain in business.

This world is pretty much fuk'ed.

tip e. canoe's picture

not only that but their investment was most likely elevated this year due to the high cost of raw materials at the time of planting.    double screwed.

bid the soldiers shoot's picture

"As you wander on through life, whatever be your goal,
Keep your eye upon the donut and not upon the hole."

If we're screwed, let's enjoy it, like we used to, in the good sense of the word.

slewie the pi-rat's picture

yeah, but farmers can sell a grain contract when they get green shoots, too, ya know!

oldmanofthesee's picture

Ah, for the old days! Five years ago, I could buy corn on December 1st, sell on June 12, for a tidy profit, each and every year. Thennnnn, the funds got involved.

New_Meat's picture

"The worst thing about flight 93 is that plane is back in service..."

Yep, them tin-knockers in Everett really do miracles.

- Ned

CrockettAlmanac.com's picture

No one on Flight 93 said, "Let's roll." Somebody said, "Roll it" in regard to using a catering cart to batter through the cockpit door.

It's as if  the real actions of the passengers weren't heroic enough for media consumption so a fictionalized account is promoted instead. Real heroes don't need to have their dialogue punched up. What a shame.

karzai_luver's picture

They were not heroes , they knew they were going to die and they tried to stop it.

 

ANy human would do the same.

 

The bullshit that piles up around everything is sick.

 

RIP flight 93 peeps, at least the bastards can't torment you with their endless b.s. anymore.

 

Price of futes you say and you question bullshit. DO you trade 'em bro?

I like vasoline with my corn thx.

 

 

moonman's picture

Really Asshole?

How do you suppose they planned on flying the plane once they got control of it?

Yes they knew they were going to die but they also knew they could save thousands of lives by not allowing their plane to be flown into a building

 

By your definition nobody is a hero.

Fíréan's picture

What has this to do with the price of corn futures prices ?

DaveyJones's picture

here's a shot: more corn is now produced for ethanol than eating. 911 was a pretext for oil invasions.

Village Smithy's picture

Yes, just like gasoline has followed the price of oil down. Like fuck.

NotApplicable's picture

I filled up for $3.09 this morning, cheapest its been in a quite a while.

gojam's picture

LOL,

Sorry, it always makes me laugh. I filled up my small car yesterday and it cost me £54. £1.30 per litre. UK

Mike2756's picture

Patience, it's going to be taken out and shot!

Quinvarius's picture

All the oil interventions did was screw the refiners and other oil users who had already hedged.  They aren't going to eat that loss.

NotApplicable's picture

Nah, Obummer will pull an FDR, and start destroying crops first.

Esso's picture

"HOORAY we'll soon be getting Cool Ranch Doritos for .20 cents a bag!"

Let me know when that happens, my man. My guess is, is that ConAgra, or whoever, might have something to say about that.

gojam's picture

The Grapes of Wrath.

"Men who have created new fruits in the world cannot create a system whereby their fruits may be eaten. And the failure hangs over the State like a great sorrow. ...and in the eyes of the people there is the failure; and in the eyes of the hungry there is a growing wrath. In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage."

Popo's picture

Lowest price since... July?   uh.. Oh noes?

Mike2756's picture

It just took out the jan low. Might get a small bounce into next month then it's down to $5.

espirit's picture

Anytime you see these drops on such bad crop data (floods,fires,droughts), you can bet SOMEBODY is frontrunning the action to knock the price down before the fireworks begin.

I'm on Tylers side with this one.

fdisk's picture

Sure, people and chickens just stop eating overnight.

No more corn Bitchez. Don't need any.

dannyadornato's picture

And corn is crashing because........??

Mister Potato Head's picture

USDA stocks report.......revision to follow in January!!

Dr. Kenneth Noisewater's picture

Where's Beeks?

WHERE IN THE HELL'S BEEKS?!!?!?

nonclaim's picture

Someone made a comment yesterday that, like gold, corn isn't backed by anything... the truth is out now.

Nascent_Variable's picture

That damn Canadian reporter.  She's blown the lid off the whole thing.

I had to sell my house and my car today when I realized they weren't backed by anything.

disabledvet's picture

Haven't seen you in a while. Where u been hidin? Anywho no surprise. Oil companies will drive this price to zero if they can. They sense the danger of plunging natural gas prices and have fallen back on ye olde standby of "kill the farmer." cat's out of the bag so to speak since ethanol already the law. We're gonna see how real this slowdown is as plunging fuel prices either yields a recovery in the transport stocks...or not.

New_Meat's picture

"Someone made a comment yesterday that, like gold, corn isn't backed by anything..."

Ya can't eat ... hey wait a minute, I CAN eat corn!

- Ned

SheepDog-One's picture

Corn...not backed by anything and makes investors nervous so they buy paper so they can sleep good, because thats backed by lowlife slimey slithering politicians and bankers.

Village Smithy's picture

Because pork is a Chinese luxury food and pigs eat corn. Chinese pork consumption is about to start falling and the guys who rode the QE2 commodity wave from the beginning are cashing in, big time.

It may be time to short the ES for today, it looks like Tyler's piece on BAC is starting to get traction.

qussl3's picture

And thats why they released some stock from the strategic pork reserve?

Not too sure about the China crash bandwagon, China may be really screwed up and completely ponzirific, but if there is one thing the Chinese can do is as long as they have food to eat, the ability to sustain collective delusions is unbelievably spectacular.

fdisk's picture

"Chinese pork consumption is about to start falling"

Well it's quite appositive Pork consumption actually

rising in China:

"China’s pork production will continue modest growth, forecast at 52.5 MMT in 2011. In several production areas this year, higher output by large-scale operators is more than offsetting reported losses among backyard operations, where many farmers have reduced herd size due to disease and low prices in the first half of 2010. Moderate pork production growth combined with a strong domestic pork demand will support higher imports. Total pork imports (including offal) are expected to reach over 1 MMT in 2011. Not including offals, China’s pork imports are forecast at 480,000 metric tons (CWE) in 2011. Pork exports in 2011 are forecast to rise 19 percent to 330,000 MT, due to strong demand in China’s traditional export market. "

Village Smithy's picture

Yes, I would publish that research to if I was long corn and I wanted to get out while the price was still under the QE2 influence.