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Good weather and the corn planted is looking good

Published on: 13:58PM Jun 02, 2014

DECEMBER 2014 CORN

SOURCE: CME Past performance is not necessarily indicative of future results. Although very 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.

As of the Monday USDA Crop Progress Report both corn and soybeans were within the 5-year average of being planted and many are looking for corn to be 95% done this coming Monday. The corn crop is looking good but in some areas it could use a drink. The weather reports are bearish with a chance for rain in most of the corn growing areas next week. Even with bullish export figures corn could not bounce today but December corn is looking oversold and seasonally it bounces into the Actual Acreage Report at the end of the month. In our opinion with the crop looking as good as it does there is little reason for the market to go higher. The most one might hope for is a retracement back to the $4.75 - $4.80 level.

As a producer, if cash sales still need to be made, use the market to place hedges and anticipate storing till March 2015. The only reason for a bounce now would be weather or a reduction in acres.

If anyone feels they need to put structure into their risk management decision-making and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to laura@utterbackmarketing.com or utterback@utterbackmarketing.com.


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