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We will have some need over the holiday months for more corn than we have purchased so there may be a need from time to time for some price later bushels.
The answers to two of our questions have been answered. The corn carryout is 2.4 billion bushels as we suspected and Donald Trump will be the next POTUS. With that kind of carryout we can't expect much improvement in price. 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. Don't be suprised if this market get pretty boring as the carryout is big and will hang over our head for months to come.
South American weather has been good so far and we can expect bean exports to switch over to them by the end of February as new crop beans become available. That leads me to believe some of our better markets will be from now until February unless we have some major weather problems. Look out to December of 2017 corn as it does offer some better prices than we are seeing on the 2016 crop.
The one thing everyone needs to realize is that the carryout is larger than last year so at some point we will have out needs met and be scheduling out for an extended period if we are even buying corn. Not trying to scare anyone but just being honest. Best thing you can do is lock in basis and wait to see if futures perk up.
Click on the "Cash Bids" link below to see our current cash prices.
Northeast Plains to see snow and strong wind today moving into the Midwest and Great Lakes. Light snow in the central Plains and mixed precip in eastern and southern areas. » More DTN Weather Commentary