Oh What A Beautiful Morning

There’s a bright golden haze on the meadow,
There’s a bright golden haze on the meadow,
The corn is as high as an elephant’s eye,
An’ it looks like it’s climbin’ clear up to the sky.

Oklahoma Rogers & Hammerstein

And so the agricultural futures were dramatically lower today when the USDA crop report came in. Basically, we’re going to be up to our.. you know in grains.This kinda knocks out the last hope of the commodity inflationistas. Jimmy Rogers’ commodity index is now down about 15% from its peak in April, and I’m expecting downward acceleration.

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