More on Agriculture

As of yesterday, the soil temperature in Slater Iowa at two inches below the surface was 36.0 degrees F. The 10 year average of temperature on this date is 50.6 degrees F. Corn requires a minimum of 50 degrees to germinate, but it's better if it's higher than that.
The cold weather has added another risk to the crop. If the crop can only get in late, it will be at risk for an early frost. Until the weather turns, I will buy any dip.

Added a little to my corn long

Fundamentally, I like it. However, the specs have gotten quite long, and this seems like a good excuse to cause some pain. I will continue buying scale down.

Full boat in CALM

I forgot to post this yesterday. I finished out my position in CALM. The egg market has healed, and I believe this will once again be a very successful company. Over the past 20 years, CALM has given an annual total return of 21%! That's what being the low cost producer in a commodity business will do for you.

Stopped out of cocoa short

during the session.

Corn

Bought a small (20%) corn position.

Long sugar

Why?
- Brazil ethanol/gasoline differentials will lead to major reallocation of cane.
- COT is bazooka spec short.
- Sugar is cheap on my long term valuation graph.

Went short cocoa today

The last part of the rally seems to be specs reversing a short position.