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Soybeans: The penny is starting to drop

H2O please, nice Mr. Farmer

I really wasn't kidding on November 6th. Brazil's soybean harvest was already in trouble this year due to fertilizer issues and my call that Argentina would soon announce problems turned out to be correct. And you might have missed this post on December 26th due to a hangover, but the soybean chart was already very interesting three weeks ago.

But now the key word down here is drought. Rather than link stories here, just go to Google, plug in the words "soybean, corn, drought, Argentina, Brazil" (or preferred combination thereof) and check out the action for yourself. Suffice to say here that in Argentina yesterday futures contracts were very heavily traded and rose sharply. India went limit up overnight.

Bottom line: Put the bean on your radar. It might develop into the story of 2009.