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May 2009 Archive for Outlook Today

RSS By: Bob Utterback, Farm Journal

Bob Utterback has more than 26 years of experience and offers producers a disciplined approach to marketing.

How far can soybeans pull up corn?

May 27, 2009
The corn crop is getting planted and the bean plantings are not far behind. Limited rain fell over the last couple of days in the eastern Corn Belt allowing the corn and bean plantings to proceed at a fast rate. As we move into June, the market will move away from concern about getting the crop planted back to what we have in the bin and what type of weather we are experiencing in regard to yield performance.

While it’s still early, the implications I’m getting from our weather man is it’s not going to be an exceptionally dangerous growing season until we get to fall. So I believe the real drivers now will be the June USDA Supply and Demand report, which should indicate exceptionally tight old crop bean supplies, and the final planted acreage report due out the end of June. My expectation right now is corn acres will be down close to 2 million and bean acres will be up close to 3 million.

What does this mean to the markets?  I continue to believe beans will be the dominant commodity for the next couple of months. Granted the November contract was strong today but this will only be a short term situation. Once we get into June, the old crop beans should dominate. The issue is how much can beans pull up corn?  We also need to remember that wheat will be harvested in the late June to early July which should be a drag on corn to the downside. In summary: I see a sideways price action in corn and only moving higher if beans can extend their rally above $12 in July beans.
If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 
 

Discussions center on crop progress

May 26, 2009
Talk today was about how much corn and bean plantings were done in the eastern Corn Belt. Whatever number they come up with tonight you can be safe in assuming more rather than less is done. Equally, most producers are getting very close to finishing up with corn planting. If they don’t get it planted by the end of the month most are saying they are going to move to beans.

The dollar was stronger today because of government intervention. We are seeing a lot of bond offerings this week. Once they are over, the bias of the trade is for the dollar to resume its downtrend. This is becoming a serious concern for the grain bears. Even if we reduce the weather event, the potential of a lower dollar could really influence the exporters buying habits.

Finally, most of my brokerage activity today has been in working with clients on defending upside risk exposure of the bean complex. I have been bullish to the old crop for some time and now it appears after the little profit taking things could get exciting again. The potential for the June USDA Supply and Demand report to reduce old crop bean inventory below 100 million bushels is serious. Along with reductions in the South American crop, the old crop situation is becoming dangerous on a global basis. The net impact is the bulls could really push the market between mid-June to early August in the old crop beans. The implication is the bulls spreads will dominate. As one brokerage account asked what happens when the play is over, how violent of a reaction will there be? The obvious answer is if everybody gets in late it could be significant.  However, for now I believe the old crop/new crop bean spreads are about the most profitable play on the table.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Soybeans continue higher on inventory concerns.

May 21, 2009
Overall the market was rather quiet today. It’s a normal pattern that develops as the holiday’s get near. Traders decided to move to the sidelines and take a long weekend break.  The issue however is will the trade cooperate.

As we all know, the weather is having a big impact on corn planting progress in the eastern Corn Belt. The weather service we work with is suggesting a weather pattern may develop for the holiday which is exactly what the corn market is not wanting. If we come in the market Tuesday and we have delayed corn planting, it’s going to be bullish. Equally, if the rains tend to miss the eastern Corn Belt and the dry pattern currently forecasted for June materializes, one could say this weeks highs will hold for a while based upon weather.

If this was the only issue facing the corn and bean market I would have to say the highs are in. but there are two other big factors at work. First, the old crop beans are tight and getting tighter. End users are getting scared and buying faster than normal. There is talk starting to surface that eventually old crop inventory could go tighter than 60 million bushels. That’s actually below pipeline levels and would cause major price rationing. The net result is old crop beans “pulls wheat and corn up as well” due to the strategy of traders wanting to buy cheap commodities.

Finally, the other big factor that’s keeping things interesting is the value of the dollar. If banking problems continue to persist and we start seeing problems with credit card defaults, commercial loan defaults and regional banks, the demand for Fed intervention will increase. Finally, the financial crisis in the state budgets is going to explode this fall. How far will the federal government go towards putting money at the problem? The more they borrow today the worst the impact on the value of the dollar and more motivation for owners of dollar to buy things rather than hold currency.

My expectation is old crop beans could stay very firm into August while new crop corn and beans actually start to fall after early July into fall.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Weather and Reader Responses

May 20, 2009
There is very little to change in the forecasts for the next 10 days given what the model data has been saying and what the consensus forecasts are calling for. This is going to be a wet Memorial Day weekend over the upper Plains and Midwest and that stormy wet pattern pattern will continue over much of the Central Plains and Midwest to May 27 to 28.  

I am getting a little concerned that some of the
trade thinks that the wet interval in the Midwest is going to May 26 because that is when the Memorial Day weekend ends. According to the latest data...and the data from the past few model runs of the GFS European and the Canadian... that is not going to be the case.
The prospect of a new dry interval is still there but again that forecast has been pushed back to the 11 to 15 day time frame.
The surface weather map this morning shows a low pressure area now in the southeast Gulf of Mexico near Key West developing as forecasted. The hurricane center has decided that the system is not really a tropical low, although it does have some tropical characteristics. All the model data has the system moving into Louisiana over the weekend... then tracking north off the Mississippi River Valley into the Midwest May 25 through 27.

If the tropical low moves north up the Mississippi Valley it will bring significant rain to a good portion of the Midwest May 26 to May 29. Meanwhile, we still have that cold front pushing down across the Upper Plains May 24 and 25. In that front will bring significant showers and thunderstorms to portions of South Dakota, Nebraska, Minnesota, Iowa and Wisconsin. DT  WXRISK.COM  804 307 8070
........
Reader Feedback:
In reference to my commentary on the economy and outside markets [reprinted below] a reader from Illinois says:
Eventually the end users will decide the price of commodities and any corrections in the markets. As I have observed before, that Obama has the ability to "talk" the markets up or down which is worrisome in itself. If crude continues to above 65, I think he will "talk" that market down with imposing contract ownership limits, etc., which will have a poisonous effect on all commodities.
When Obama speaks of redistributing the wealth, he is dead serious. The handling of the auto industry and UAW is grand display. They should have been allowed to go bankrupt in the early stages and let the judge kill the UAW contracts to get costs down to more reasonable prices.
As it stands in all segments, we are not lowering the costs of the products, we are increasing them by destroying competition and cutting production.
We need a business man as president, but none can afford the cut in pay.
.......
Another reader in Michigan sent us:
Bob:  I could not agree more with your words!!!!!  I live in Michigan and our economy has been in trouble for years, but now we are in real trouble.  In my county the unemployment rate is about 15%.  Thousands of houses are empty in our cities but now also in the rural areas as well.
Washington/Lansing are trying great social engineering/experiments.  I am very afraid for the future of our once great land.  I think we are in for a round of massive inflation within the next two to three years.  This is a real battle between capitalism and at least some form of socialism.  As government extends it's control over business and industry, the owners and investors just begin to give up and quit.  The political pendulum always swings in the country but right now it is way to the left and I think the people in Washinton are trying to hold the pendulum hostage for the foreseeable future.  When we can no longer sell our debt on the world market, our dollar will be devalued.  China has slowed it's buying and has turned to buying gold and hard commodities (ie. gold, silver, copper, oil, etc.).  They will soon be in a very good position of control.
A quick word about the local farming here in southern Michigan.  I am a retired agriscience teacher and now help part time on a cash grain farm.  We are currently 40% planted on 6800 acres.  This week we were just getting dried out and made good progress earlier this week.  Now we have had 3+ inches of water in the last 48 hours.  We have lost some acres to flooding and will be out of the fields until at least the 21st or 22nd.
Our water table is very full and any rain just has no where to go.  Many of our producers are hurting because of the U.S. and Michigan economies.  Imput cost are high and ag-friendly lenders of the past are now very tight with money.  You were very right when you wrote it is a year to just hang on......  Thanks

.............
 
If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 
 

Old crop beans continue to be the front runner in grains!

May 19, 2009
Old crop beans continue to be the star right now. Tightness in global supplies due to Argentina’s reduced crop appears to be making all end users move more aggressively to stockpile inventory. Everyone remembers last year and do not want a repeat. Another positive reason is the U.S. dollar continues to drop. As holders of the U.S. dollar continue to expect unchecked government borrowing by the U.S. administration, its holders are motivated to buy “things” now rather than hold a currency that going down in value. As a side note, the U.S. dollar is down over 7% in value in the last month or so. The producer is now seeing November 2009 beans at $10. This makes the budgets work, but the fear of what is happening to old crop is keeping producers from doing much new selling. I suggest focusing on buying an at-the-money November put and rolling up if the market rallies. Refrain from selling cash or selling futures because of the old crop situation.

Corn was stronger all day, but not explosive. You can tell the market wants to stay around $4.50 (December corn), but it does not want to take off in any direction until it gets a more solid feeling on exactly how many acres are planted in the next 10 days. We may get some rain on Friday and/or Saturday, but not as bad as next week. If this market continues to rally into Thursday, I would not be surprised to see some profit-taking by late Thursday to early Friday. Right now it appears corn is range bound. Seasonally it has into mid-June to early July to rally, but after that I believe it will be extremely difficult to see a counter seasonal rally from mid-June into early September. My suggested game plan continues to be rolling up puts. Refrain from selling calls or bear spreads in corn until we get past the June supply/demand report and more closer to the acreage report due out the end of June.

If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Grains move higher on weather concerns

May 18, 2009
While I’ve been a strong seller on rallies, (above $4.35 in December corn and $9.80 in November beans), I did not believe the market would break as hard as it did on Friday and early Monday. While I enjoyed the break, I frankly don’t believe we have the fundamentals right now for it to last long—profit taking yes, but new down trend no. This is why I’ve strongly encourage a long put strategy rather than short futures or short cash sales. As for call selling, I still suggest one wait until mid-June to early July before implementing an aggressive call selling program.

The market is going to see the crop progress report today and be a little disappointed.This plus the strong exports and weaker dollar all led to some bottom picking in mid-session trading.

As for the rest of the week, I have to expect a sideways to higher price action. Yes, weather is getting better so some plantings are going to occur but the crops overall are going to look very rough for several weeks to come. In fact, of the crop that’s been planted, there is going to be some solid replant necessary. I talked with several producers in the wet areas and they have said even as late as it is, they still would like the corn in the bag rather than in a cold wet field.

My expectation is that December corn is going to try one more time to get a technical breakout of the $4.50 level which we will use to roll up puts and start selling calls. As for the beans, I continue to suggest there is little reason for November beans to trade above $10.05 in new crop at this time. Bottomline: We will need some strong weather problems but it will be August before those types of problems materialize. I want to remain in my long put strategy and only roll up if the market moves higher.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

The economy and outside markets

May 15, 2009
Today I want to talk a little about the outside markets, specifically the stock market, crude oil and U.S. dollar relationships. We saw a week with some very disappointing statistics, but the equity market and oil held their ground. Some would actually say the stock market has acted remarkably strong in light of the bad data. I heard two advisory services on TV [today] arguing about the next 9-month trend. One was a technical study and suggested the bottom is in and a big rebound is ahead. The other was a fundamentalist. He suggested new lows are just around the corner because over 9 million households in the first part of 2010 are expected to see their interest rates explode. Another reason cited was increasing commercial loan defaults, as well as the growing shaky ground that state budgets are coming under. Tremendous short fallings are being seen, which imply personal cutbacks and reduced services.

It seems to me that the federal government is going to be forced into another program of intervention to help the housing market and the states. This will force the Fed to pump massive levels into the system, and the continued heavy borrowing by the government is going to have a devastating affect on the U.S. dollar. Eventually, holders of the U.S. dollar will rebel, but just how they rebel is to be played out.

As uncertain about the future as this may sound, I am even a more concerned about other factors: I would suggest that the current administration’s central assumption is the current pressing needs for borrowing will be reduced once the economy starts to rebound. As consumers regain confidence, tax revenues go up and the problem is corrected.

The problem with this assumption is that business and investors must be willing to invest. Remember the reason businesses exist is to make a profit for its investors. This thinking is hearsay in today’s environment; the primary mission of business is to employ people and pay benefits. Since this has been the rules of the game since the start of our country, in the future I sense capital investors electing to move very slowly until the dust settles, resulting in far fewer private sector jobs. Granted, in the short-term the government jobs created by the stimulus money will help a little, but it will not get the core long-term jobs that private industry creates. Who wants to invest when all you see is higher taxes, more regulation, limits on how much you can make and finally you are told how and what product you can produce?

Bottomline: Until the administration shifts its direction away from treating businesses as an evil that must be slain rather than supported and promoted, the possibility of the U.S. economy for significant future growth potential is significantly reduced, in my opinion. I find it depressing that the capitalistic system that has made the U.S. the marvel of the world is now completely wrong and the federal government (people who most likely have never run a business) are going to make things right. All it needs is a little more money and control and everything will be all right!

I know these comments seem a little harsh, but sitting back and simply saying there is nothing we can do about the direction we are going is not a position I choose to take. I look forward to your comments; contact me at ums1@uttterbackmarketing.com.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 

Heavy rains hit the Midwest

May 14, 2009
Heavy rains hit the Midwest as forecasted. One producer I talked to today asked if the market is not up on this amount of wet weather, what does it want? The answer is the weather outlooks are looking a little dryer. It could now be suggested while not planted at the best time possible, the corn crop will get planted by the first week of June. It will not be pretty but it will be in the ground.

While a rally around pollination could be seen if excessive dry conditions develop, the greater risk is if the market consolidates into a sideways price pattern. As the July-to-August time period develops, we actually trend lower because of the significant improvement in the crop from the road. The real concern I have for the corn market would not really start to develop until after the September USDA Supply and Demand report and the crops start getting harvested.
Remember, we are going to see two crops this year. The Western states planted early and could see a great yield and while the Central and Eastern crop could be below average. This all suggest the potential for a fall to winter rally will be very high.

IMPLICATION:  All buyers of options or short futures will have to give strong consideration to adjustment of hedge positions if we start taking out overhead resistance after the August USDA Supply and Demand report. However, even with this situation developing it does not deter us from wanting to scale up sell the corn market as we move into the June-to-July time period. I continue to suggest that all clients maintain a basic put bias. This implies some strategy for defending against upside risk exposure. In my brokerage accounts we are still rolling up our long puts but holding onto all long calls. Our preference would be to be in a long put rather than a short cash sale or short futures until we get to the end of June.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 

USDA Supply & Demand report and weather support concerns in corn and beans.

May 12, 2009
Today was USDA Supply and Demand report day. The report came in very close to expectations. See our internet web site for the actual numbers. Overall, for corn projections are now at 1.145 billion bushels for the 2009/10 season and beans at 230 million bushels.  
 
In regards to corn the interesting fact is USDA used ethanol projection of 4.1 which is unchanged even with all the EPA discussion about changing ethanol standards. The troubling factor is they used an average yield of 155 bu. per acre and 85 million planted acres. Both of these variables will be closely monitored now. The bias by most in the trade is they could slip due to late plantings. Bottom line 1.145 billion bushel is adequate and should not support prices much higher than current levels.
 
The bean numbers continue to support the concern about tight old and new crop beans. The market, however, saw active liquidation of the long-July and short-November price spread. We would view this as only temporary. Any move back into the 80- to 90-cent level we anticipate will be heavily bought for one more attempt at higher price values. Bottom line: It’s going to take a yield drop of some significance now to push November 2009 beans above $10. A breakout above $10.50 would be very bullish and force us to adjust all net short positions.

Weather Report:
TUESDAY    MORNING   WEATHER   5/12    WXRISK.COM
Once again the  various weather models  have more uncertainty in the  11-15  day. They  are in strong agreement  about  the  MAY 12-14 cold front   but    things  are somewhat uncertain  with regard to the MAY 6-17  cold front. The 1st cold front  MAY  12-14  brings   good rains to   ND and northwest MN  and over  southern Manitoba (MB)  but over  SD   lower  MN  NEB and  western  IA  this  front  bring   rains under 0.25" with 40% or less coverage. 
The  2nd front  on MAY  16-17 appears to  be the same. Not much  for the  Upper  Plains  into  MN  and  NEB then   rapid increase in coverage and   amounts  central & eastern  KS  and ALL of the Midwest...70%  coverage of 0.50 to 2.00". Some of the models are slowing the  front down once it  reaches  the   Delta and  ECB. If so  this  would add  additional  rains to  eastern  OK  eastern TX MO ARK  LA KY  into the  ECB.   Right now this aspect of the MAY 16-17 cold front is  uncertain. All  weather Models  develop a HUGE ridge  in the Jet stream over the  West coast / Rockies   this  weekend into next week  BUT now a  new trough comes into  western Canada  by day 9-10. This trough  forces the  Ridge over the western CONUS   east to the   SE coast  and  that allows  a  for  POSSIBLE  new cold front to move  into the Upper Plains and Midwest...  MAY 20 - 21  and this front    MIGHT  linger over the  Midwest to MAY 24-25.

BOB’S TAKE ON WEATHER:
  We are not going to get a solid 7 to 8 days of dry weather. This means the central and eastern Corn Belt is going to be planted under stress. A lot of ponds will not be planted. This implies we will need near picture perfect weather this summer to get the USDA's 155 bu. corn yield.  I’m already suggesting a yield closer to 153 bu. should be considered. The final big factor will be how many acres will we lose in corn due to not being planted. At this stage we need the 85 million acres. If we drop below 83.5 million acres it could get dangerous for sellers. This is why producers are advised to maintain a “put” strategy until after the June acreage report.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 

Grain markets flat prior to supply and demand report

May 12, 2009
Overall, grains were flat today prior to tomorrow’s USDA Supply and Demand report. Expectation is that bean old crop will get tighter but not much change is in store for corn and wheat. 
 
Weather has cooperated with a couple of dry days here in the central and eastern Corn Belt but wet spots persist. I expect to see some tractors moving tomorrow but with rain projected for mid-week not much field work is anticipated. Expect producers to start planting around the wet spots. Some producers are already making plans to move from corn to beans. Looking forward, I have to expect corn acres will get closer to the 83.5 million acre level and beans closer to 78 million acre level. 
 
Expectation: Corn will be choppy with a positive bias. Would suggest all producers with net short positions strongly consider moving into a put format.  As for beans, old crop will remain bullish and new crop bearish. If the July to November bean spread would correct back below $1.00 consider repositioning going into July. 
 
A heads up: All corn speculators who like spreads should start to watch the corn spreads if we see them invert over the next few weeks because of concern about getting corn planted.  

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 

Weak Dollar and Weather Concerns: Grains Trend Higher

May 08, 2009

Holders of the dollar are becoming increasingly concerned about their investments. The dollar continued it’s free fall today. This is in reaction to the feds aggressive posture on supporting interest rates at the 4% level. The fed has over 300 billion in reserve to buy T-bills and bonds in an effort  to keep mortgage rates low. Holders of the dollar see this as manipulation of the dollar, many are choosing to convert dollars into things, such as commodities. I would suggest this is a big reason behind why China is trying to stock pile bean inventory. I’ve also been hearing another reason as well. There is talk that China plans to increase their domestic production of pork by 25%. This will explode their demand for corn and bean meal. Obviously, the bigger the stocks they have on hand the lower the price impact will be on their profitability of operation.
 
So the corn market traded higher today on the weaker dollar and the growing concern that wet and cool conditions could persist for longer than expected time period. Concern is growing on a daily basis that some corn acres will not get planted and bean acres will increase. A private advisory service released numbers that suggest that bean acres are going to grow and corn acres decline around the 2 million level by the final June report. This also was a support factor for higher corn prices and stable at best bean values.
 
Overall, if you’re a seller in corn right now you might want to consider rolling all futures into long puts for the next 45 days just in case planting delays get really serious. As for beans it’s going to take a solid close above $9.92 to get the market excited. This will only occur if planting delays continue and solid yield declines are expected. I can’t start to argue this line of thinking until we are well into June. 
 
As to hogs, concern about the flue outbreak has now peaked. Science is coming to the aid of hog producers. The issue will be if China and other importing countries start buying again or are they using this as an excuse to not import our products and justification for building up their own domestic supply? As I said earlier in the week the real impact on the meats could be if the swine flue outbreak comes back with a more aggressive strain this fall like it did in 1918.  If we get a solid technical recovery in the meats as I expect I can’t underscore the prudence of having a floor in place for fall and winter inventory on a nice June summer price high.
 
If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Look for a dry weather pattern around May 15th

May 07, 2009

As you can see, our weatherman is suggesting a drier pattern next week. The corn crop should get planted but in what shape and how many acres? You need to be looking at our web site for complete details about how we are making catch-up sales. 
 
For information call Laura at 1-800-832-1488.
 
WXRISK.COM 
 
THURSDAY MORNING WEATHER, 5/7
For the waterlogged areas over the ECB the model data this morning is showing a significant dry interval coming up MAY 10 to MAY 15... for about six days. The pattern continues to look warmer after the middle of the month but the Ridge that develops over the eastern US is NOT strong enough to keep cold fronts out of the Upper Plains and WCB.
 
In the short term there will continue to the more showers and storms for the Lower ECB and all of the TN Valley. As I am sure you have heard by now much of KY TN southern MO northern ARK Northern AL and northern MS are waterlogged and are experiencing local flooding. Rainfall amounts of the next five days continue to show excessive rains coming for these areas so the damage is going to get worse.
 
The next area of showers and storms will affect ILL IND OH Thursday night into Friday morning which will be followed by a weak cold front Saturday that will linger across southern MO northern ARK and the TN valley. Hence the very wet forecast that continues for the next five days over the Tennessee Valley.
 
By MAY 10 High pressure coming out of south-central Canada should be able to drive the front well to the south allowing for several dry days to develop over the ECB and TN valley... from MAY 10 to MAY 15. The Plains and WCB will turn warm MAY 12-14 at a fairly strong cold font will move to the upper Plains MAY 13 and into the WCB / western Great Lakes MAY 14 with significant showers and thunderstorms likely.
 
This front falls apart as it moves through the ECB MAY 15 but another front tries to move into the upper Plains/WCB May 17/18 and MAY 20. The difference appears to be that after the 15th of May the Ridge over the eastern US is going to be fairly strong so these cold fronts which move into the upper Plains and WCB will produce significantly less rain once they cross the Mississippi River.
 
If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.
 
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Grain markets up on solid selling pressure

May 06, 2009
Our weather man (as seen at our web page) is suggesting that the models are changing to a drier weather pattern as we get into next week. This is a welcome relief for producers in the Midwest which have not had many days to even get the tractor in the field. As for the corn market, it continues to be very heavy with solid selling pressure any time we get a little rally started. I continue to believe it’s going to take a significant weather scare during early pollination cycle to have any chance at $4.35 to $4.50 level.  Long term if we get a yield around 153 bu. per acre we would expect to visit prices below $3.20 in lead month futures. So the strategy has to be a seller of rallies.

Beans saw a solid price bounce today. I believe most of it was technical in nature. Early estimates by some leading market research firms are expected over the next few days. The early “talk” is that bean acres are going to be increased due to the delayed corn plantings. While this could help give a little bounce to December corn, it really should put a lot of overhead selling pressure on Nov beans at the $10 level as new producers attempt to sell inventory before production. I continue to encourage all brokerage clients to implement a strategy of getting a floor under beans. At this time I favor buying puts and rolling into futures or cash positions as we get closer to the late July to early August time period.

In outside market action, overall it was a rather quiet day. The dollar was slightly lower, bonds and t-bills slightly lower and the Dow up slightly. It seems the market is willing to take a break right now and waiting for more solid evidence about the bank stress test and the effect it will have on the economy. I would also suggest the economy is showing signs of slowing the downward spiral. The issue that however is in big debate is if the economic stimulus is really having impact and exactly how fast the economy will bounce. I continue to believe the economic stimulus was all about rebuilding infrastructure.  We really need to do this but it’s “not” going to have the near term 1 to 3 year price impact that everybody wants. For this to happen solid job growth is going to have to be seen and I fear it’s really going to be limited for some time to come.

Impact on grains: I view the outside markets as neutral.  For grains to go higher it’s now all going to relate back to reduce supply which implies we need solid confirmation that reduced crop size is a reality not a fear.

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

A Look Ahead for the Week

May 04, 2009
Outside Markets: Equities are up sharply with the Dow up over 180 points at the time of this posting.  It seems the fear over the bank stress test is over now. At the same time the dollar has been down to 84.014 or 69 points. The world still does not trust the direction our government is going on spending and borrowing. I believe we will eventually break the 82 support level.  The ten-year notes and bond market are both starting to show signs of stability after last week’s big selloff. I continue to be long-term very negative but have to accept that a near-term low is close and a bounce should be expected. If you are not in place with your interest rate protection program, I would look serious at June t-bills above 122 to 123 level.
Summary: The outside markets were actually very positive today and should have supported grains. If this trend continues any glitch in the weather dryer pattern could lead to decent grains and oilseeds bounce.

Corn: Well the weather patterns seem to be turning a little dryer. This was all the traders wanted to hear. Down hard on Project (A) and no real let up during the day. The crop progress report due out after the close will be watched closely. It’s really going to show a sharp contrast by states. In Nebraska and Iowa where corn is planted, producers are selling hard and in Illinois, Indiana and Ohio, little progress. While the crop’s not getting planted, it appears hope is now coming back into the market that it will get planted before Memorial Day weekend. I have to say the potential for December corn to move above $4.35 is now less than 40/60 odds. It’s going to take a crop pollination weather scare to get December corn above $4.50. Frankly, I believe you need to be getting a base under the market and be satisfied to get 40% to 50% of the gain from these price levels rather than risk corn going down to $3 this fall for a mere 20-cent upside potential.

Beans: Overnight beans started lower then exploded higher. Today we saw a gap higher open which would have been very bullish if it held into the close. The opposite happened, the market gave up gains all day long and the new crop eventually closed in the red. This is going to make the bulls a little uneasy now. They had the bears on the run and now they let them slip out of the trap. I have to admit I did not see November 2009 beans getting much above $9.50. So today’s high of $9.92 has me scratching my head a little. I however have to say I’m glad a lot of producers have elected to buy puts rather than sell futures on this recent rally. I would be encouraging you to keep your long November 2009 puts within 20 cents of the money. I know a lot of you want to sell calls to help pay for the puts. I would however wait for a clear sign the high is in place. It could take 8 to 10 days I believe to get a solid confirmation. 

If you need any help in implementing a speculative or hedging strategy give us a call at 1-800-832-1488 or email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com. Tomorrow we will talk a little about the bonds, gold and crude oil.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
 

Grains up today on bullish news!

May 01, 2009
The thing that caught my attention today is how "heavy" (inability of corn to rally on bullish news) corn was today. At the same time beans and wheat seemed to leap high on very limited bullish news. 

It seems the reduced crop in Argentina (which is old news) and continued expectation of strong export buying by China and other buyers is keeping old crop beans firm. With old crop leading the way, new crop beans are being dragged up and moving back to levels that could actually start attracting acreage.

On top of this, the wheat market was impressive today with a 2-cent price bounce. July Chicago wheat is approaching 50 cents off it’s winter lows which is encouraging, providing end users know harvest is less than two months away and normally rationing or waiting for new crop starts about now.

Where are the opportunities for grains?  It has to be getting a plan together on when and how you are going to sell 2010 corn. Right now we are $4.41 and it potentially looks like another 20 to 30 cents could be added if weather concerns develop. I really am encouraging my brokerage clients to strongly consider a scale up selling program between late May and into late June.

Second, as I’ve been saying for some time, the new crop beans above $9 is a solid long term sell.  I’ve been in puts and rolling up as the market rallies. 

If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.

BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
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