I'm kinda disappointed that Russian drought thing happened all of a sudden and the price skyrocketed. Droughts don't happen overnight. Some of that market funny business.
Same funny business goes into the basis. Watched the basis for wheat go from .45 to $1.25 in a year. I thought basis was supposed to reflect transportation costs to market. Gas didn't go up that much. Two elevator companies 20 miles apart can have have a .40 or difference in basis. Then we have the difference in basis between grains. Milo was anywhere from .58 to .70 for basis and wheat is a lot higher. Last time I looked, rail cars and trucks don't care what goes inside them, the price to transport grain is the same. End of rant.
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Today's Featured Article - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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