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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (35691)	8/22/2005 4:02:22 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 116555

RE:"Jim, I think interest charges are a one way street for the IRS." Yep, funny how that works. I guess I forgot the grin on the first post.<G> Anyone know the interest rate the IRS charges for back taxes due? I bet its no where near the stated inflation rate of 2%.

To: Knighty Tin who wrote (35691)	8/22/2005 4:57:50 PM
From: mishedlo	Read Replies (1) \| Respond to of 116555

Hi, this is Tim Hannagan and it is Monday, August 22nd, and the markets are closed- C o r n: Glad to be back from my crop tour. Briefly, Illinois is every bit the disaster we expected, south of Chicago. Southern and central Indiana were better than expected but extremely poor yields look evident. All of Nebraska and Iowa look near trend line yields except north-eastern Iowa where conditions were poor. Minnesota looks near average on crops while Wisconsin was the real surprise, with the bottom quarter of the state with only knee high corn suitable for silage only with central Wisconsin chest high and not fully developed. Saw a lot of yellowing bean leaves in Illinois, Indiana and Wisconsin suggesting the growing season is over. The September USDA crop report looks to come in much lower on production over the August report. Corns weekly export inspection report showed 29 m.b. were inspected for near term export off from 33.9 the week prior and 34 a year ago. That is weak demand signal after our recent price fall. Tonight’s 3:00 p.m. crop condition report is suggested to show a 1 to 2% increase in the good to excellent category after good rains last week. Soybeans saw short covering today after pricing in last week’s rains are supposed to have helped late maturing crops. Traders expect a 3% increase in the G-E category. If we improve to that point it suggests crops can still improve and could have us test crops can still improve and could have us testing Friday’s chart support of 6.04 with worst case scenario 5.94. But, if we come in unchanged to only a 1% improvement then it suggests the growing season is over and last week price decline was unwarranted, allowing for short covering into next week’s month end profit taking and sellers sidelining themselves ahead of what should be a bullish September 12th crop report. The weekly export inspection report came in at 5.5 m.b. down from 6.8 the week prior but over a year ago of 4.0. Demand is a non-influence. Wheat saw the inspection report show further bearish demand by coming in at 13.6 m.b. versus 21 last week and 20 last year. Inspections are down 34 m.b. since the new marketing year began June 1. December corn has support at 2.21 then 2.15. Look to buy any move under 2.20 to 2.15 area or on a close over 2.26 resistance and look for over sold conditions and month end profit taking ahead of next week’s month end. November beans have support at 6.04 then 5.94. Buy any move under 6.00 to 5.94 or on a close over resistance of 6.20 and look for oversold month end profit taking. December wheat has minor support at 3.35 then 3.30. Technicals are only slightly friendly. You can consider a buy around 3.30 with a tight stop. End