The agriculture world is focused on
Hart looks back to when he entered graduate school at
"I can grab their 2010 book today and it still says ‘in five years,
"They had a drought hit their major corn producing region and it pulled their major corn producing region down about 7%. They went on the world market and they bought corn from us. First time they bought from us in over a decade. They are very leery of getting out there on the world market. It’s a market we’d like to cultivate. We see great potential there. It’s a question of whether
The question still remains how big the corn market can be for China. If that continues to grow like the market has in soybeans, corn prices could reach unheard of levels. "Let's go back an look at soybeans versus where we were 10 years ago. Ten years ago, China was in the market, but barely...maybe 80 million bushels. Today, they're at 700 million and we're not two months into the marketing year. They have had a tremendous impact on the market. If they do that on corn, imagine where we'd be today. This idea of $6.00 bu./corn, we'd be way past that."
However, significant increases in corn price could have some detrimental impacts to the market, he says. "You know certain segments of your demand are price sensitive. Livestock is the one longer term that we're really worried about. We've already seen them go through some massive financial hits over the last five years. Let's face it, we they cannot hold on that long unless we continue to talk about record prices for them."
As far as
"Right now we’re running well above the pace of last year. We’re about a billion bushels into the soybean exports already. To set a record, we only need about 500 million bu. more. We’re well on our way to setting another record in soybean export. That’s on top of ’08 was a record and ’09 was a record. We continue to build that pace up.
"In this case, corn gets to tag along on this side. We’ve sold some corn into