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Outlook Today

RSS By: Bob Utterback, Farm Journal

Bob Utterback has more than 26 years of experience and offers producers a disciplined approach to marketing.

Snow in the Midwest!

Apr 06, 2009
It is cold out there today. Snow appears to be in many areas of the Midwest. Field work is essentially at a stand still. Frankly, I’m a little surprised that corn was not a little stronger today. Maybe the fear of delayed planting is still a little too early and the preparation for this week’s supply and demand report is a little more important. Because of the stocks adjustment last month, we should see a little reduction in the corn carryover this month. I would not be surprised to see trading the report for a day or so and then revert back to weather as the prime driver of the market.

Right now my bias continues to be that corn acres will exceed 85 million acres planted before we are done. I have to suggest the market should be under it’s greatest upside risk in the next three weeks with the last week of April and the first week of May being the best time for a spring-weather-scare-high. I’ve been saying for weeks that $4.52 should stop this market, but I have to accept the reality that, if plantings are delayed into the last week of April to the first week of May, December corn could move up to the major overhead resistance level of $4.75. Remember, as long as the corn is in the bag for most of the central Midwest corn production region, the market has upside potential. 

ALERT: I also want to make sure all producers are watching the 2010 corn. It’s above $4.50 and, if the market does spike up over the next three weeks, there is potential for $4.75 to $5. I encourage producers to selective sell futures at that time.

If we can help you with your 2009 or 2010 hedging program [using cash and futures], please give us a call at 1-800-832-1488.
If you want to go over details or would like to read more daily recommendations regarding reownership or marketing strategies, email me at utterback@utterbackmarketing.com or laura@utterbackmarketing.com.
BEFORE TRADING, ONE SHOULD BE AWARE THAT WITH POTENTIAL PROFITS THERE IS ALSO POTENTIAL FOR LOSSES, WHICH MAY BE VERY LARGE. YOU SHOULD READ THE “RISK DISCLOSURE STATEMENT” AND “OPTION DISCLOSURE STATEMENT” AND SHOULD UNDERSTAND THE RISKS BEFORE TRADING. COMMODITY TRADING MAY NOT BE SUITABLE FOR RECIPIENTS OF THIS PUBLICATION. THOSE ACTING ON THIS INFORMATION ARE RESPONSIBLE FOR THEIR OWN ACTIONS. ALTHOUGH EVERY REASONABLE ATTEMPT HAS BEEN MADE TO ENSURE THE ACCURACY OF THE INFORMATION PROVIDED, UTTERBACK MARKETING SERVICES INC. ASSUMES NO RESPONSIBILITY FOR ANY ERRORS OR OMISSIONS. ANY REPUBLICATION OR OTHER USE OF THIS INFORMATION AND THOUGHTS EXPRESSED HEREIN WITHOUT THE WRITTEN PERMISSION OF UTTERBACK MARKETING SERVICES INC. IS STRICTLY PROHIBITED. COPYRIGHT UTTERBACK MARKETING SERVICES INC. 2009.
 
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COMMENTS (1 Comments)

C.J. Oakwood
Bob, I read your information on a regular basis.....you are the man! East Central Il is WET and ging to get Wetter! I started selling corn at 4.12 (in Jan?) and beans at 9.72( same time) I will fire up again at 4 bucks !Planting delays are a given!
3:50 PM Apr 7th
 
 
 
 
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