Corn continues to trade towards the upper end of it's most recent trading range, but today's mid-day forecast will influence how we close. With demand staying strong, I suspect more longer-term new-crop () remains in range between $4.80 and $5.20, at least until more crop certain is revealed. I suspect if the planting pace picks up in the next few weeks (which I believe it will) and more talk starts to circulate about increased acreage (which I believe is the case) then prices could break to the low-end of the range. On the flip side, further delays in planting, more geopolitical tail-risk and higher wheat prices could propel us to through resistance and bring about a technical breakout to the upside. I continue to keep our next upside new-crop sales target at $5.24 vs. the contract. I may be a bit too optimistic, but I am going too remain patient for the time being. My opinion is anything could happen in regard to "weather" or Russia this weekend and the most dangerous scenarios would be bullish. CLICK HERE for my daily report....
More GMO Corn in Brazil: Recent reports circulating show that Brazilian producers planted GMO corn on a whopping 82% of their total corn acres. Something else I find interesting is the fact 90% of their second-crop (safrinha) was planted using GMO corn. Not only are we hearing report after report of a great looking second crop corn in Brazil but now we are contending with improved GMO varieties and traits.
Twitter Fun Fact: Since 1960, the 5 coldest Dec-Mar in major US corn areas had summer weather good enough to set new national corn yield records. (Source: Alexandra Lively @AlexandraLively) CLICK HERE for my daily report....
What if Corn Lost Another Million Acres?
Morning Comments - Full - World Tensions/Weather Uncertainty keeping price supported