After touching 13 year lows the nation's equity markets appear to be bouncing back. Investors hope it's not the proverbial dead cat bounce. The outlook has not brightened much on the news that consumers cut spending sharply in September. Investors aren't encouraged much by the war clouds that are building. The challenge for many in the financial community is finding the best havens for investor dollars. There are some indications it may lie in land.
The general economic malaise, coupled with low interest rates has encouraged many to buy farmland. For that reason there is considerable off-farm interest these days in government crop reports.
The government now projects 8.969 billion bushels of corn will be harvested, slightly above trade estimates. The USDA forecasts the soybean harvest will yield 2.654 billion bushels, under the trade estimates and well under the government's September guess.
Prices in the soy complex moved higher following Friday's release of the crop report. Meanwhile in the wheat pit traders continue to try to price news of declining wheat stocks and questions about the quality of wheat from this year's harvest.