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

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Fri, 09/30/2011 - 12:06 | 1726069 SheepDog-One
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....

Fri, 09/30/2011 - 12:07 | 1726090 Clueless Economist
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!!!

Fri, 09/30/2011 - 12:23 | 1726181 tip e. canoe
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.

Fri, 09/30/2011 - 12:29 | 1726207 Abitdodgie
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.

Fri, 09/30/2011 - 13:27 | 1726521 slewie the pi-rat
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...

Fri, 09/30/2011 - 14:18 | 1726746 espirit
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.

Fri, 09/30/2011 - 16:02 | 1726883 tip e. canoe
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.

Fri, 09/30/2011 - 19:03 | 1727773 bid the soldier...
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.

Fri, 09/30/2011 - 19:57 | 1727864 slewie the pi-rat
slewie the pi-rat's picture

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

Sat, 10/01/2011 - 11:02 | 1728851 oldmanofthesee
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.

Fri, 09/30/2011 - 15:32 | 1727087 New_Meat
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

Fri, 09/30/2011 - 12:56 | 1726337 CrockettAlmanac.com
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.

Fri, 09/30/2011 - 14:13 | 1726719 karzai_luver
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.



Fri, 09/30/2011 - 14:30 | 1726808 moonman
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.

Fri, 09/30/2011 - 12:58 | 1726344 Fíréan
Fíréan's picture

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

Fri, 09/30/2011 - 15:20 | 1727047 DaveyJones
DaveyJones's picture

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

Fri, 09/30/2011 - 15:21 | 1727041 DaveyJones
DaveyJones's picture


Fri, 09/30/2011 - 12:08 | 1726095 Village Smithy
Village Smithy's picture

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

Fri, 09/30/2011 - 12:10 | 1726108 NotApplicable
NotApplicable's picture

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

Fri, 09/30/2011 - 12:25 | 1726193 gojam
gojam's picture


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

Fri, 09/30/2011 - 12:16 | 1726138 Mike2756
Mike2756's picture

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

Fri, 09/30/2011 - 12:25 | 1726190 Quinvarius
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.

Fri, 09/30/2011 - 12:09 | 1726102 NotApplicable
NotApplicable's picture

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

Fri, 09/30/2011 - 13:38 | 1726567 Esso
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.

Fri, 09/30/2011 - 19:45 | 1727841 Cassiopia2011
Cassiopia2011's picture

Sure, GMO type.

Fri, 09/30/2011 - 12:15 | 1726074 gojam
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."

Fri, 09/30/2011 - 12:06 | 1726078 mayhem_korner
mayhem_korner's picture


Fri, 09/30/2011 - 12:39 | 1726253 Taint Boil
Taint Boil's picture



Corn  - Good and Good for you.


Fri, 09/30/2011 - 12:59 | 1726350 CrockettAlmanac.com
CrockettAlmanac.com's picture

You call it corn, we call it maize.



Fri, 09/30/2011 - 14:14 | 1726727 karzai_luver
karzai_luver's picture



Fri, 09/30/2011 - 15:27 | 1727061 DaveyJones
DaveyJones's picture

Monsanto calls it corn. we call it poison

Fri, 09/30/2011 - 12:06 | 1726079 choorles
Fri, 09/30/2011 - 12:06 | 1726082 Popo
Popo's picture

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

Fri, 09/30/2011 - 12:21 | 1726173 Mike2756
Mike2756's picture

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

Fri, 09/30/2011 - 13:05 | 1726389 espirit
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.

Fri, 09/30/2011 - 12:07 | 1726088 fdisk
fdisk's picture

Sure, people and chickens just stop eating overnight.

No more corn Bitchez. Don't need any.

Fri, 09/30/2011 - 12:07 | 1726089 dannyadornato
dannyadornato's picture

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

Fri, 09/30/2011 - 12:09 | 1726100 Mister Potato Head
Mister Potato Head's picture

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

Fri, 09/30/2011 - 12:51 | 1726313 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Where's Beeks?


Fri, 09/30/2011 - 12:12 | 1726104 nonclaim
nonclaim's picture

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

Fri, 09/30/2011 - 12:15 | 1726131 Motley Fool
Motley Fool's picture


Fri, 09/30/2011 - 12:23 | 1726179 Nascent_Variable
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.

Fri, 09/30/2011 - 12:39 | 1726255 disabledvet
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.

Fri, 09/30/2011 - 15:35 | 1727103 New_Meat
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

Fri, 09/30/2011 - 21:13 | 1727991 Bicycle Repairman
Bicycle Repairman's picture

But you can EAT corn.

Fri, 09/30/2011 - 12:36 | 1726105 SheepDog-One
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.

Fri, 09/30/2011 - 12:13 | 1726113 Village Smithy
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.

Fri, 09/30/2011 - 12:16 | 1726144 qussl3
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.

Fri, 09/30/2011 - 12:30 | 1726214 fdisk
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. "

Fri, 09/30/2011 - 13:48 | 1726603 Village Smithy
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.

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