The CBOT must agree with you Franc. Me I am less sure. The acerage number for corn was higher in late June than any previous, in either 2012 or 13...for this years crop, after it was obvious the as much as 2 million acers didn't get planted at all.. Why it is as if those boys at USDA are smoking something....The grain end user is hot for cheap corn, and with the USDA's help the speculators and the end users are as short the market as they have been since before 2005. At the same time s they are so heavily short they are going wild telling farmers to sell before it gets cheaper. Now I think it has bottomed out and USDA hs yet again damaged it's credibilty heavily. There is now a weather market, and corn is going up right now. And the shorts are covering there collective arses buying there way out the door, and going long as they do so...This will really play out at harvest when the western corn belt falls way behind the current USDA estimates. This is all about prying grain from famers before the surprise comes in Dec or Jan...or sooner...
JMHO, and I have a sh*t load of skin in this game....
JD addict, i know there are lots of places that look pretty good. But I also know there are huge area's that didn't get planted in northern Ia southern Minn. This is some very productive ground, as is most of Iowa, above I 80 anyway. The area affected the most is the most productive in the state. The state the usualy leads the nation in corn production.
Grizzer,
i don't think you will see it go below $4.50 for very long if it ever gets there. There is doubt that USDA knows squat again this year. There could be an up move when the pro farmer crop tour takes it's yeild estimated in August. These tours carry some weight, usually anyway...
Regards, Kirk
PS Franc buy Jan 14 corn!