Good morning Tim, I have had another good week of trading! I am flat cattle & hogs but holding corn & soybeans for next week.
Following is part of what I received this morning from J Welch in his Commodity Insite weekly column--

What is not being discussed all that loudly since the WASDE report was announced is a theory to which I subscribe. Ending stocks of corn and soybeans are so razor thin that it will take at least 2 years bumper crops to replenish supplies. In other words, yes, grain prices have rallied dramatically over the past few months but the bull markets now well underway are not a one time phenomena. Grain prices are looking at multi-year bull markets.

Basically, the January WASDE report pegged supplies of corn and soybeans at levels seen 2011 to 2013, the time of the last boom with grain prices. In 2011 due to tight supplies, corn futures rose to $8.47 a bushel and soybean prices jumped as high as $17.83. Compared to 2011, corn and soybean prices today look cheap

Dewey