How High can Corn be Monday?
May 11, 2013
After the USDA report Friday, the trade will now be eagerly awaiting Mondays crop condition and planting progress report. Several sources in the industry continue to talk about an extensive jump from just 12% of our corn planted last week to 40-45% this week. Remember, it is now estimated that most farmers can plant close to 50-60% of their crop in a week. Data shows the top 5-corn producing states at one point in time jumped 50-65% in one week (Iowa jumped 63% in one week last year). Not saying its a guarantee, but it wouldn't surprise me to see a significant jump to the upside. We have heard all week long that the planters have been rolling across the midwest. In 1992 we planted 34 mil acres one week and jumped by 43%.
CLICK HERE for my report and details on what we see moving the markets next week...