The last USDA yield estimate was 175 bushel per acre causing us to find new lows for all contracts. Now the market has digested this number and is hanging out just above the bottom of the market. What does this kind of yield do to prices? Most people feel the final number may be a little less than 175 and with low prices, export business should continue to be good. I would definately be watching the deferred months (May thru July) for places to price some corn. Last year $3.60 and above was in the upper part of the market except for the freak rally we had in June due to dry weather forecasts. So with a larger carryout ahead of us I think sales over $3.50 to $3.60 will be good sales. Those prices are possible on any rally in those later months. But don't be suprised if this market get pretty boring as the carryout is big number and will hang over our head for months to come. Keep in touch with me during harvest as we need bushels all year long. Have a safe harvest.
Click on the "Cash Bids" link below to see our current cash prices.