This is especially striking, given the rout in stocks today. Arlan says that people are buying grain because they don't know where else to safely stash their money.
from Agrimoney's closing market commentary:
Sometimes, a picture can be worth 1,000 buy orders.
Mike Mawdsley, at Market 1, mused early on - after US Department of Agriculture surprised investors by saying that the US corn crop did not deteriorate overall during last week's heat – that photographs might offer opposing evidence.
"Pictures of less-than-ideal looking corn ears will be seen by many as producers post pictures on the internet," Mr Mawdsley said.
Within hours, such photos were being seen as fuelling a buying spree which sent grains soaring, even on a poor day for other risk assets.
"Field tours are out looking at corn and e-mails are floating around with pictures of corn tipped back in parts of Illinois, Indian and eastern Iowa," Darrell Holaday at Country Futures said.
