As most of our friends know every summer Pam and I take a vacation across the Midwest. For Pam its is a chance to stop and visit with other Simmental cattle breeders farms and check out their what their calves look like. This allows her to see what calves from different bulls and cow families look like and aid’s us in our breeding decisions for the following year.
For me it’s also a chance to see what the corn and soybean crop looks like across the country and compare what market analysts are saying compared to what I actually see for myself. This Past Summer we made it out to Grand Island and drove through Zach Hunnicutt’s farm and I sent out a tweet mentioning how great the crops looked like in his area. Well Zach was able to use that information to help him decide how to market his crop, but that’s only part of the story. As I had recently read in Forbes traders from all over the world are watching what farmers are saying via Twitter and other social media outlets to help assist them in their decisions about current crop conditions to gauge where the market is heading.
Well to my surprise CNBC has also been following this recent trend among traders and ran a story this morning about how traders and market analyst have been able to harness the power of Twitter in their trades everyday. You can read the article here or watch the video below.
For any commodity traders that stumble across this post be sure to follow the hashtags #plant11 and #harvest11 this year for real time planting and harvest reports direct from farmers across the world. I will also be using the #tradingtwitter tag this year as I evaluate my crop and others if I do any traveling.