For months, market analysts have been talking about how much old-crop corn is taking up bin space. However, a recent Farm Journal Pulse found for at least 1,115 farmers there really aren’t too many holding on to old-crop corn.
The survey showed 69% of the respondents don’t have any old-crop corn in storage.
Another 23% of the farmers surveyed say they have 10% to 90% of the normal amount of old-crop corn they would have on hand this time of year, 5% say they have 100% and only 5% say they have 110% or more.
According to Mike North of Commodity Risk Management Group, if you have old-crop corn on hand it will become a liability in the coming months.
“We've encouraged our clients [to be making sales] on these rallies,” he says. “[Clean] those bins out.”