Melting Up

As equities push higher into the close, all my positions are rocketing along higher as well. Unfortunately, that includes ERX, but then when you’re playing with hedging, you expect some part of you to get burned.

Meanwhile, today I received glorious news, as the great country of Ukraine has agreed to cut obstinate export quotas, which I’m told were primarily being used by the politically connected to fill their coffers, thus clearing the way for Bunge to take further advantage of soaring global grain prices.

Of course, you will all now go to your local brokerage firm, and sell short 120% of the companies average float, because that is the sort of idiotic thing you lot do when good things happen to BG.

I expect BG to absolutely mock earnings estimates, for the fourth consecutive quarter in a row, all thanks to them under valuing their own book, continued agricultural strength, global turmoil, poor growing seasons coupled with decreasing operational farm land of competitors, and of course, now open ended exports from one of their sizable grain operations.