I am still recovering from Friday´s USDA report. I am trying to square the circle. I read that crop insurance payments have reached US$ 16 billion dollars for the 2012 crop year. Even with such payouts, the USA finds extra supplies of corn and soybeans. What drought? What problem? Ethanol- steady as we go.
We look to be rapidly shifting from two years go short supplies to excess supplies of everything in the near future. Sobering indeed.