Long-Term Grain Price CyclesBe prepared for a low this summer or fall.

摘要

Before I even started my presentation at a seminar last winter, a young farmer came up to the podium and quietly asked, "How much lower can it go? Will it ever come back?" He was very nervous that day. He was asking these questions just as the grain markets were collapsing. We talked a little more, and it became clear he didn't have his 2012 crop sold or any of his 2013 crop forward-sold.We had a few minutes before my presentation started, so I pulled out my long-term charts, and I showed him what I was thinking.