A Moderating Ag MarketLook for volatility to ease as the market begins to slowly come back down to Earth.

摘要

AS I look toward the future, I am reminded of the sage words of Sherman McGregor, who warned that whenever all the so-called "experts" were aligned in their rhetoric and seemingly all headed in the same direction, things were about to turn.Ag has not yet reached the same level of "irrational exuberance" that characterized the stock market bubble in the late 1990s or the real estate bub ble in the 2000s, but there are growing similarities. Thus far I have not heard anyone talk about what would have happened in 2012 if the severedrought in the Corn Belt had not occurred. But I did notice that yields in parched fields did not fall off as far as was expected and as a result, prices did not rise as much as was expected.