Attentive reader may have noticed we're posting more on agricultural commodities and less on hydrocarbons.
As a general framework we are betting lower for corn and wheat into late summer and then some weather related upside.
Corn 357-6 up 0-6; wheat 452-2 down 1-0.
You'll probably also be seeing more posts on the ancillary stuff as well: fertilizer, land, processors, grain merchants, equipment etc.
From Reuters, Feb. 29:
Intrepid Potash Inc (IPI.N) said on Monday its auditor has expressed doubts about its ability to stay in business, sending its shares plunging by more than half.*Deer nuts = under a buck.
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The U.S.-based miner, which reported its third straight quarterly loss on Monday, also said low potash prices could cause a breach in its loan covenants.
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Prices of the crop fertilizer have tumbled due to soft grain prices, dropping U.S. farm incomes, bloated capacity and weak currency in importing countries such as Brazil.
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North America's biggest producer, Potash Corp of Saskatchewan (POT.TO), has closed one Canadian mine and said Friday it will idle production temporarily at two others.
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"This was an extremely volatile, chaotic quarter," Chief Executive Officer Bob Jornayvaz said on a conference call. "We believe we'll continue to survive and eventually prosper as a smaller but much more profitable company."
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Intrepid is one of the world's highest-cost potash producers.
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Due to falling prices, Jornayvaz said the company won't be able to comply with debt covenants that were revised in January, and is working with lenders on an updated agreement. Its auditors added going concern language to their opinion, meaning there are worries about Intrepid's ability to keep operating.
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Intrepid ended 2015 with $60 million in cash and doesn't expect to drain its balance this year, the CEO said.
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The company's stock plummeted 57 percent at 97 cents. Its 52-week range is $1.75 to $14.60....MORE
